It is a sigh of relief for salaried Kenyans who have been contributing to the Housing Levy, after President William Ruto announced plans to introduce a clause that will favour them.

Speaking during Madaraka Day celebrations at Raila Odinga Stadium on Saturday, President Ruto revealed that his government is planning to introduce an amendment to the law to enable housing levy contributors access home loans of up to KSh5 million at considerably low interest rates.

“In recognition and appreciation of the sacrifice made by patriotic Kenyans through their contributions to the housing levy, I am pleased to announce today, that 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 KSh5 million, at a single digit interest rate applicable towards any housing unit in the market,” President Ruto announced to a fully-packed 20,000 capacity stadium.

According to the first in command, the proposed loan facility will enable Kenyans who have been contributing to the housing levy offset existing mortgages, and in turn offering them a greater flexibility in their housing journey.

With this law reform, President Ruto hopes that many Kenyans will significantly ease their home financing costs.

“These reforms will ensure that every shilling contributed to the housing levy works for the contributor whether through access to affordable housing, home loans or mortgage reliefs.”

Last week, President Ruto handed over keys to the first 180 social housing units in the New Mukuru Estate in Nairobi, describing the exercise as one of the most profound and consequential days in his political career.

“Many people were sceptical that ordinary Kenyans could own homes through an own-to-rent method; today, that method is being fulfilled. Ladies and gentlemen, if you didn’t understand what we meant by ‘bottom-up’, now you do. If you didn’t believe, now you believe and if you thought it was a fantasy, you are witnessing history that will be remembered for generations to come,” he said.

Two days ago in Homa Bay County, President Ruto also handed over keys to the first occupants of 110 affordable housing units at the Boma Yangu Housing Estate.

“Among the proud new homeowners, some of whom are with us today, were Kennedy Otieno Odede, a boda boda rider; Hellen Atieno Osala, a mama samaki at the New Modern Fish Market; Geoffrey Odhiambo Nyasuda, a jua kali fabricator; and Vincent Ochieng’ Onyango, a security guard.”