Kenya Commercial Bank (KCB) Rwanda will today hold the first ever property bus tour in Kigali targeting low and middle income earners who want to buy homes.

Maurice Toroitich, the KCB Bank managing director, said the bank’s potential mortgage clients would be shown houses on sale that cost from Rwf25m to Rwf80m each around the Greater Kigali during the tour.

Toroitich also said the bank has reviewed the mortgage facility, adding that they would announce favourable interest rates to the potential customers during the tour.

"We would like to assure everyone that the interest rate will be competitive,” he said in an interview with The New Times yesterday.

The Rwanda Stock Exchange cross-listed bank has a new product that will allow clients acquire financing without having to raise the minimum deposit, usually 10 per cent of the property.

"We have an agreement with a guarantee fund that absorbs the 10 per cent minimum requirement for clients,” Toroitich explained.

He said the new facility presented real estate developers an opportunity to build houses for both low-income earners and high end clients.