Kenyans to get Ksh.5M affordable home loan in Ruto’s new plan

Ruto, who has been a proponent of the affordable housing levy introduced by his government in 2024, said the home ownership loan will be given at a minimum interest rate.

“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 Ksh.5 million at a single-digit interest rate,” the Head of State 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.

According to the Head of State, 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.”

Recently, 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," remarked the Head of State.