A group of 35 savings and credit co-operative societies (SACCOs) has unveiled a housing loans plan in which their members will get interest-free mortgages. The scheme, called the Africa Tenancy Purchase Initiative, will see credit union members pay an upfront deposit of 10 per cent of the cost of a unit and then pay the balance in “rent” instalments for up to 20 years. The unions, including Kimisitu Sacco, Safaricom Sacco, Habitat Housing Co-operative, and Nation Sacco, have a pipeline of five projects under the tenant purchase scheme comprising high-rise apartment blocks within the Nairobi metropolis. Up to 5,000 members are expected to benefit in the next two years, a number that is projected to rise as more saccos join the scheme. “With more than 90 per cent of Kenyans being tenants, this scheme converts their rent payments to make them homeowners. You just pay the deposit and the balance as rent. There is no interest rate,” said Mr David Ndegwa, a real estate developer and a member of the scheme’s steering committee. “We have critically analysed the consumer behaviour and the dynamics around how much a typical Kenyan in urban areas pays for rent and structured an affordable rent-and-purchase…