Kenyans will be able to purchase homes by paying as little as Ksh6,600 a month thanks to a housing scheme that President William Ruto has commissioned.
On Monday, October 3, during a speech in Nairobi’s Mukuru slum, Ruto emphasized that more than 200,000 housing units will be built nationwide over the course of five years.
The president indicated that the homes would have one and two bedrooms, with mortgage payments being accepted.
“For affordable housing, a one-bedroom will go for Ksh6,600 while a two-bedroom will go for Ksh10,000 and that is a mortgage, not rent. In 15-25 years, they will become homeowners of this country,” Ruto stated.
He did, however, make it clear that the distribution and sale of the homes would be prioritized, focusing particularly on those who were now living in appalling conditions.
In keeping with this, the President unveiled a social housing plan exclusively for Mukuru people, under which 13,000 dwelling units will be built, with 400 of them finished in the first phase.
“Mukuru has 110,000 households on 700 acres and so the first priority of this project is to get the people of Mukuru to come and leave here. The Ksh3,000 they are paying as rent will be used as part of the mortgage here.
“The bedsitters that will be available, complete with somewhere to sleep a small kitchen, shower, and a toilet will be Ksh3,000. A one-bedroom will go for Ksh5,000 s and the two-bedroom will be Ksh6,5000,” he explained.
Ruto emphasized that amenities including stores, schools, and health centers will be available at the residential complexes.
He further stated that the Kibra constituency would also see the commencement of a similar project.
The Head of State hinted that his country’s establishment of the Kenya Mortgage Refinancing Company, which would help the mortgage industry and manage any potential difficulties with the home ownership program, was a result of that government.
He pleaded with the MPs to approve the Housing Fund Bill so he could realize his goal of seeing 2-3 million people own homes in the nation within the next several years.
He disclosed that there was a strategy in place to make sure that persons working for the government can spend a portion of their pension to buy homes under the
