Family Bank breaks into mortgage market targeting the low-income segment that other lenders have ignored

Big banks are shaping up for a fresh market war following Family Bank’s announcement that it has set aside Sh8 billion for mortgage lending — marking its entry into the lucrative homes loan market. The bank has said it will focus more on borrowers who already own land and will lend between Sh700,000 and Sh1.5 million for this segment of the market — a pointer that it is going for the low-income segment that other lenders have shied away from. This promises to raise mortgage accounts that the World Bank says stood at a measly 15,000 in 2009, meaning that the home lending market was an elitist venture. Family Bank, however, will offer other mortgage products including big ticket commercial homes projects at a base rate of 15 per cent. The bank is targeting people who have already bought land and need financing to enable them to develop it. read on: http://www.businessdailyafrica.com/Corporate+News/Family+Bank+breaks+into+mortgage+market/-/539550/1248040/-/frj6ogz/-/index.html

Growing Home is Family Bank's approach to property ownership. about Growing Home: http://www.familybank.co.ke/growinghome/Brick%20by%20Brick