Women accounted for 30 per cent of Sh19.95 billion first time mortgages issued by the Stanbic Bank last year, new disclosures by the lender show.
“As of 2019, 78 per cent (Sh19.95 billion) of all mortgages issued by number were to first-time homeowners, 30 per cent (Sh5.99 billion) were issued to first-time female homeowners,” the latest Stanbic Holding Report to Society says.
This came at a time when the banks went slow on home loans due to a spike in defaults.
Central Bank of Kenya (CBK) data shows that default on mortgages jumped 41 per cent to Sh38 billion in 2018, pointing to widespread distress in the real estate sector as the Kenyan economy slows down and property auctions pick up.
The CBK data shows that mortgages recorded the highest growth in non-performing loans last year from Sh27.2 billion in 2017, reflecting the struggle by investors to find buyers for their houses amid dwindling returns.
This is as unpaid mortgages rose Sh11.2 billion or 41.1 per cent, a rise that outpaced other segments like manufacturing (19 per cent) and personal loans (six per cent) in loan defaults rise.