Response to reactions to a KCB Mortgage Initiative story

Editor, This is in response to the reactions to a story published by The New Times about the initiative by Kenya Commercial Bank and the Société Rwandaise d´Assurances (SORAS) which saw the duo jointly launching a home guarantee insurance product geared at helping address housing shortage in Rwanda attracted several reactions.

Monday, April 02, 2012
Kenya Commercial Bank and SORAS have partnered to help low income mortgage borrowers. The New Times / File.

Editor,This is in response to the reactions to a story published by The New Times about the initiative by Kenya Commercial Bank and the Société Rwandaise d´Assurances (SORAS) which saw the duo jointly launching a home guarantee insurance product geared at helping address housing shortage in Rwanda attracted several reactions.The Collateral Replacement Indemnity Product is targeting the middle and low income mortgage borrowers. The value of the property should not exceed Rwf45 million and the income of the borrower should be below Rwf1, 800,000 Gross monthly. The houses should be permanent, built with durable construction materials and complying with the requirements of the district where they are situated.There are currently properties available within this price range, mostly those which individuals have built and also some newer developments in Kanombe and Kinyinya.RSSB also has plans to construct properties for sale within this price range. More developers are likely to come into the market, all of which will ensure that there is supply for this type of property.  Beatrice Chege Head of MortgageKCB Rwanda