Kenya Mortgage Refinance Company (KMRC) of Kenya is owned by the Government of Kenya, Kenya Banks and SACCOs, the World Bank, and Shelter Afrique. KMRC was founded in 2019 to provide mortgage refinancing for housing. The company's assets at the close of 2025 were KSh 43 billion. Fannie Mae, a government-sponsored enterprise (GSE) based in the United States, was founded in 1938 to issue mortgage financing to financial institutions. The company's stock is traded on the stock exchange. It is the largest company in assets in the U.S., with $4.1 trillion in assets at the close of 2025.
By the close of 2025, KMRC had provided refinancing mortgage funds of Ksh 19.58 billion to 18 primary lenders (Banks and SACCOs). The funds were used to issue 5,168 mortgages across 39 of Kenya's 47 counties. In 2025, Fannie Mae financed $409 billion, helping 1.5 million households buy or refinance their homes across the 50 States of the U.S.A.
Diaspora University Town (DUT) development plan includes 6,700 townhouses and apartments. Under the project's 20,000 job creation plan, over 8,000 households will be established. The project will grow KMRC's assets by over Ksh 35 billion, as KMRC provides mortgage financing for the 6,700 residential properties.
Just as Fannie Mae grew Assets to $4.3 trillion as it financed housing, KMRC will grow assets as it finances housing and facilitates the fulfillment of the Kenyan constitutional rights to the environment, housing, clean water, and children's rights.
STEP BY STEP PROCESS OF DEVELOPING A DUT TOWNHOUSE WITH KSH 15,000
STEP 1. KSH 750,000
Visit a bank and borrow Ksh 750,000 through the bank's Personal Unsecured Loan products. Some of the Bank products that will make the loan repayment below Ksh 15,000 a month are:
KCB Bank Personal Unsecured Check-Off Loan
https://ke.kcbgroup.com/for-you/get-a-loan/unsecured-loan/check-off
Get a check-off loan as a government employee, or a company that has an agreement with KCB Bank. The check-off loan of Kes 20,000 up to Kes 10 Million is repayable in up to 120 months (10 years), with monthly repayments remitted by your employer.
Coop Bank Personal Unsecured Check-off Loan
https://www.co-opbank.co.ke/borrow/personal-loan/
Minimum loan amount of Ksh 50,000. Maximum loan amount: KES 10,000,000. Maximum term of up to 132 months (11 years)
DTB Bank Personal Unsecured Loan
https://dtbk.dtbafrica.com/account/unsecured-loan
Check off Non-Check loan, unsecured loan. Minimum Kes 50,000 up to Kes 6 Million. Tenor 96 months (8 years).
ABSA Bank Personal Unsecured Loan
https://www.absabank.co.ke/personal/get-a-personal-loan/#personalloancalculator
Borrow up to KES6,000,000 with no collateral required as security. Flexible repayment options up to 96 months
Monthly Payments of Loans based on 16% Interest
Based on a 16% interest rate, the monthly payments for the maximum loan period would be: Co-op Bank, Ksh 12,107; KCB Bank, Ksh 12,563; DTB, Ksh 13,897; and ABSA, Ksh 13,897.
Note that the bank's interest rate would determine the actual amount.
STEP 2. DUT-THIDA
Sign a DUT Townhouse Investment and Development Agreement (THIDA) https://dut.or.ke/THIDA2025.pdf and put the Ksh 750,000 in the Diaspora University Trust account.
At this point, a DUT townhouse developer file will be open and will start developing one townhouse.
STEP 3. PAY INSTALLMENTS AS THE DUT DEVELOPS THE TOWNHOUSE
Pay the monthly installments to your bank.
DUT, on the other hand, will develop the townhouse in accordance with THIDA Article 4.
In about 12–48 months, the DUT Design-Build plan will complete the townhouse.
STEP 4. COMPLETED HOUSE MORTGAGE
Upon completion of the house, get a KMRC mortgage through your bank.
The mortgage at this point can include the Principal Balance of the unsecured loan (Step 1), and the House Development Cost (THIDA Article 4).
The table in step 1 illustrates how the principal balance is incorporated into a mortgage.
STEP 5. COMPLETED HOUSE USAGE
The owner can occupy their house and live in a well-planned town with a clean and healthy environment, a University, a level 5/6 university hospital, good basic education schools for children, and other amenities.
If the owner does not live in the house, the owner can lease the house to DUT in accordance with THIDA Article 12 and receive Ksh 65,000 a month.
STEP 6. COMPLETED HOUSE EQUITY
Upon completion, each house will have equity calculated as Sale Price less the mortgage value. The sale prices are recorded in the DUT THD page https://dut.or.ke/thd
- Year 1 Sale Price. Ksh 8 million
- Year 2 Sale Price Ksh 8.5 million
- Year 3 Sale Price Ksh 9 million
- Year 4 Sale Price Ksh 9.5 million
- Year 5 onward Market Price.
GDP GROWTH APPROACH
DUT uses the GDP Growth approach, which has grown the U.S. economy from $57 billion to the current $30 trillion. DUT will achieve a GDP of Ksh 20 billion.
