Nairobi ..30th September, 2008….Leading media house, Nation Media Group has enhanced its Mortgage Financing partnership with Housing Finance to help its employees purchase homes. This arrangement has been on going since 1998 but was open to a few employees. Amount advanced since then amounts to Kshs 117,516,000.

Qualifying Nation Media group employees will receive finance of up to 90 percent of the mortgage at a concessionary interest rate of 7 percent per annum.

Speaking during the signing ceremony, Nation Media Group Managing Director, Mr. Linus Gitahi said the enhanced deal will be open to all employees to own homes through a funded special mortgage scheme program. The entitlement will depend on one’s grade and the amount to be advanced will be upto Kshs.12 million.

“All Nation Media Group employees will be able to access mortgages at a discounted interest rate for the purchase or construction of residential property and purchase of plots,” said Gitahi.

Housing Finance Managing Director, Mr. Frank Ireri said the partnership with Nation Media Group is part of its strategy to make the process of homeownership easier.

"Today, we are proud to sign the enhanced financial partnership which is designed to help all Nation Media Group Staff achieve the dream of homeownership," said Ireri.

Employees will be able to access loans for construction, owner occupier, investment residential, purchase of plots and Equity release.

Housing Finance has under the deal waived processing and commitment fees. Nation Media Group will remit all loans through a monthly payroll check off system which is expected to reduce administrative cost for Housing Finance.

Ireri said that the company will continue to focus on opening new markets and rolling out innovative products as part of its strategy to mobilize deposits and mortgage sales.