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KCB Bank Director of Mortgages Considers Financing Diaspora University Town House Developers

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Left Sam Muturi KCB Bank Director of Mortgages & Dan Kamau of Diaspora University Town. Left Sam Muturi KCB Bank Director of Mortgages & Dan Kamau of Diaspora University Town.

Sam Muturi, KCB Bank Director of Mortgages has started considering the financing of the Diaspora University Town house developers. Sam who was introduced to the project in a meeting held at New Jersey 2014 said he still remembers the project. He said the division of mortgages that he heads would consider the financing of the town houses.

Discussing the mortgage debt to Gross Domestic Product (GDP) ratio that Bank use to plan for their expansion Sam said Kenya is at about 4% compared to the U.S that is at about 62%.

This means Kenya at 4% of $80 billion GDP has a $3.2 billion mortgage financing. The U.S at 62% of $18 trillion GDP means a mortgage finance of $11.16 trillion.

Dan Kamau, Diaspora University Town Project Developer, on his part said that the Diaspora University Town project is based on growing Kenya GDP through new jobs creation and growing of mortgage through sustainable housing development. Dan used the U.S GDP growth from $6 trillion in 1992 to the current of $18 trillion to explain how the Master Development Plan will grow GDP. 

Two-thirds of the 11.16 trillion mortgage finance of U.S grew in the last 25 years (1992 - 2017) as the GDP expanded and housing development occurred. About 300,000 Kenyans who settled in the U.S during the perod are part of the GDP expansion through the jobs and the housing financed by the mortgages. 

The Diaspora University Town 5-year development budget will create about 20,000 jobs as it expands Kenya GDP and mortgage financing through houses developed. With KCB Bank looking to expand the mortgage financing the Diaspora could get opportunity to become property developers who supply needed houses in Kenya.    

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