Kenyans could be able to access up to Sh5 million home loan if a proposal by President William Ruto is submitted to the National Assembly and passed into law.
Ruto said the home ownership loan will be given at a minimum interest rate.
The president has been a proponent of the affordable housing levy introduced by his government in 2024.
“We shall be proposing to parliament a reform to the law that will allow any contributor to access an affordable home loan of up to Sh5 million at a single-digit interest rate,” Ruto announced during the 62nd Madaraka Day celebrations in Homa Bay.
The financial plan, if effected by Parliament, will be applicable towards any housing unit in the market.
“This facility will also enable contributors to offset existing mortgages, offering greater flexibility in their housing journey and allowing many to significantly ease their house financing costs,” Ruto added.
He said the reform would ensure “every shilling contributed to the Housing Levy works for the contributor, whether through access to affordable housing, home loans, or mortgage relief.”
Ruto has been on a mission to popularise the loathed Affordable Housing project, which has seen salaried workers part with shrunk payslips.
During his visit to the Nyanza region this week, Ruto unveiled affordable houses in Kisumu and Homa Bay.
This followed a similar showcase in Nairobi’s Mukuru kwa Njenga slum.
In Nairobi, Ruto boasted of how the once-doomed housing project is now bearing fruit.
“I am happier than you because my dream has been achieved, and it is possible to move the desolate and give them a decent living. They told me that it is not possible, that I am a liar, and today I am here,” he said.
The program is however unpopular among many civil servants.
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