Sam Kariuki, CEO Mi Vida Homes
In a strategic move set to transform Kenya’s real estate landscape, Mi Vida Homes and KCB Bank,have inked a financing agreement aimed at unlocking both supply and demand-side solutions for affordable housing.
Speaking during the signing ceremony, Mi Vida Homes CEO Sam Kariuki emphasized the game-changing nature of the partnership. “This collaboration is not just about funding developers. It’s about enabling Kenyans to access financing to purchase homes, especially those who have long been excluded due to high deposit requirements,” he stated.
Under the agreement, eligible home buyers will now access mortgage rates ranging between 9.5 percent and 1.5 percent, eliminating the need to raise the usual 20-30 percent deposit—one of the biggest barriers for aspiring homeowners.
“This opens up a broader segment of the population. Now, more people can consider owning a home because the monthly mortgage payments are nearly equal to their rent,” Kariuki explained, highlighting that for a KSh 2 million home, a buyer could pay just KSh 15,000 monthly over a 25-year period.
The partnership also leverages the Kenya Mortgage Refinance Company (KMRC) framework, which offers affordable mortgage financing at 1.5 percent .Despite the availability of this low-cost funding, uptake has remained slow due to limited supply of quality, affordable housing. The new deal is expected to bridge that gap.
“What has been lacking is a sufficient supply of homes that meet both quality and affordability standards. With Mi Vida’s master-planned developments and institutional credibility, that gap can now be filled,” said Kariuki.
He further added that Mi Vida brings more than just houses—it brings communities. “We develop large-scale, master-planned, mixed-use communities, whether for affordable or mid-market housing. When you buy with us, you’re not just buying a house, you’re buying into a lifestyle.”
The CEO stressed that the partnership is not exclusive to KCB staff or government workers. “This is open to all eligible Kenyans with a payslip. The idea is to break barriers and allow many more to transition from renting to home ownership.”
With KCB being the largest private sector owner in KMRC, the collaboration is expected to spur a surge in utilization of affordable mortgage facilities, ultimately pushing Kenya closer to its goal of closing the housing gap.
The housing units, priced from as low as KSh 2 million, cater to a wide range of income earners, offering what Kariuki described as “credible, quality homes delivered as promised.”
As Kenya continues to grapple with a housing deficit, this partnership marks a significant step toward expanding access to home ownership for the average Kenyan. Over the next five years, the initiative is poised to deepen demand-side housing finance, broaden market participation, and reshape the country’s real estate sector.