Construct of affordable houses in Kenya has received a boost after Kenya based International Green Structures Kenya Limited (IGS Kenya) and KCB signed an MOU to develop a mortgage product that will facilitate the construction of affordable houses in Kenya for KCB Bank customers, employees and Kenyans in general.
The full service housing solution is a strategic move for both IGS and KCB, which will provide bank customers the opportunity to pre-qualify for a mortgage and build a new two bedroom house with one or two bathrooms, using the IGS Technology. IGS houses are made from an Alternative Building Technology (ABT) known as Compressed Agricultural Fiber (CAF) Panels and pre-engineered steel called IGStructures. The Pilot program, scheduled to start in September 2015 will focus on twelve KCB Bank locations and will be adopted by low income earners attracted to key selling points of the program; competitive rates, flexible payments combined with an affordable new home constructed locally.
KCB will assist prospective home owners to determine their eligibility, the type of mortgage they can afford and assist them in selecting the proper IGStructure house design which includes all internal and external finishing options (paint colors, tile and fixtures) and most importantly, the completion of requisite paperwork. The end result is a custom home tailored to fit within the customers approved mortgage range. IGS will select and train the KCB Bank employees who are selling the mortgage program regarding the IGStructures house designs, features and finishing options, as well as, select, certify and monitor the authorized builder(s) to ensure that the IGStructures are built to international standards and customers receive a certificate of compliance and occupation within 45 days after contract execution.
To meet the needs of the KCB Bank pilot project, IGS Kenya is currently importing IGStructures from IGSM-W located in Fort Worth, Texas. For future orders from KCB and existing contracts, IGS is completing its first in country manufacturing facility, International Green Structures Manufacturing Kenya Limited (IGSM-KE), located in Thika, Kenya, which plans to be operational by the end of 2015.
