Banks in Voi are ready to lend Voi residents Ksh 300 million to join the Diaspora University Town (DUT) townhouses development plan. The banking product offered is the personal unsecured loan. A Voi resident can develop 1 to 4 DUT townhouses by investing between Ksh 750,000 and Ksh 3 million. The development is done through the DUT Townhouse Investment and Development Agreement (THIDA). Rosinah Kitatu, the founder of St Jude School, who has embraced the DUT plan, said in a meeting with Frank Mutura that Voi residents would be happy to be part of founding a university that shall educate their children.
The residents who take the 400 loans of Ksh 750,000 will pay about Ksh 15,000 per unit per month. Frank Mutura, when visiting the KCB Bank Branch in Voi, engaged Benson Mutie, the Branch manager. The Branch manager stated that the bank can lend money to Voi residents. The loans totaling Ksh 300 million, once issued, will generate about Ksh 5 million of new interest revenue a month.
The Voi residents and the banks with the Ksh 300 million will progress the DUT 20,000 job creation plan (15,000 DUT jobs plan and 5,000 Ndara B 4,000 acres jobs plan). As these new jobs are paid monthly, the Voi business's and bank's revenue will progressively grow.
The Ksh 300 million invested in developing 400 townhouses will attract about Ksh 3 billion to the Voi region from the Kenya Mortgage Refinance Company (KMRC) as the 400 townhouses are completed, financed, occupied, and a new GDP is achieved in Voi.
The DUT 3,500 townhouses plan, which will include the Ksh 300 million, will attract about Ksh 30 billion from KMRC to the Voi region.
STEP BY STEP PROCESS
STEP 1. KSH 750,000 to KSH 3 MILLION
Visit a bank and borrow Ksh 750,000, 1.5 million, 2.25 million, or 3 million through the bank's Personal Unsecured Loan products.
Personal Unsecured Loans from Banks in the Voi Market
KCB Bankhttps://ke.kcbgroup.com/for-you/get-a-loan/unsecured-loan/personal
Coop Bankhttps://www.co-opbank.co.ke/borrow/personal-loan/
DTB Bankhttps://dtbk.dtbafrica.com/account/unsecured-loan
ABSA Bankhttps://www.absabank.co.ke/personal/get-a-personal-loan/#personalloancalculator
Equity Bank https://equitygroupholdings.com/ke/borrow/personal/equiloan/
Family Bank https://familybank.co.ke/?loans=employee-loans-kenya
STEP 2. DUT-THIDA
Sign a DUT Townhouse Investment and Development Agreement (THIDA) https://dut.or.ke/THIDA2025.pdf and put the money in the Diaspora University Trust account.
At this point, a DUT townhouse developer file will be open.
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. https://dut.or.ke/design-build
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) would be added together.
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.
Using the example in Step 4, the Ksh 65,000 would be applied to pay the monthly mortgage of Ksh 60,352
The difference between Ksh 65,000 and Ksh 60,352 (Ksh 4,648) would be the owner's monthly income.
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.
Using the Example in STEP 4, a house completed in month 20 would have a sale price of Ksh 8.5 million. This means the equity in the house would be the difference between the Ksh 8.5 million sale price and the Ksh 7,191,686 owed, which equals Ksh 1.3 million.
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.
