Superior Homes Kenya in September 22, 2015 launched a long-term house payment scheme dubbed Buy Over The Long Term (BOLT) aimed at people with unsteady cash flows and those unwilling or unable to take mortgages.
Home buyers can take as long as three years to make payments.
Buyers can choose to withdraw from the arrangement in case their circumstances change upon giving 30 days notice in which case the firm would return their payments in full.
Superior Homes Managing Director Ian Henderson said that BOLT is designed to give prospective buyers an opportunity to own a piece of Greenpark Estate within a period of three years.
“The plan will include a deposit payment of at least 10 per cent of the selling price. The installments will then be calculated to pay for at least 80 per cent of the remainder by three years,” said Mr Henderson.
The firm promises keep the prices fixed regardless of economic changes such as rise in interest rates and increases in cost of building materials.
Mr Henderson was upbeat that Superior Homes is fully capable of managing the fixed price and instalment product by taking precautionary measures on risk and cost to both the company and BOLT user.
“This is a notable milestone in the property market that is no stranger to fear and insecurities experienced by buyers unable to complete payments within stipulated period, and have seen their hard earned investments being repossessed by developers or banks,” said Ms Angelica Wambui, sales manager at Superior Homes.
Superior Homes Kenya was incorporated in 2004 and has since been developing Greenpark Estate on a 163 acre site at Stoney Athi on Mombasa road.
The firm recently embarked on phase 5 of the construction with house prices ranging from Sh9.5 million to Sh35 million.
Earmarked for completion in 2020, the estate will comprise 700 houses, among other facilities.
– This article was published by Daily Nation on 23/09/2015.