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Mortgage is important in Kenya especially if you want to own a home but you don’t have enough cash at the moment. There are many companies offering mortgages in Kenya cheaply. But since it’s like a loan you are taking, don’t go for providers who will give you headache in future. Below is a list of the best mortgage providers in Kenya:
KCB Bank
KCB Bank is one of the biggest banks in Kenya. It has been offering mortgages to Kenyans for more than 20 years. You can borrow money from Ksh 500,000.The mortgage financing is structured in such a way that if you want to occupy the house, they finance up to 90% of the total cost of the house. If the house is for income generation, they finance up to 80% and if it’s a plot you want to purchase, they finance up to 70%.The interest rate is from 10% to 12.5% per year.
Standard Chartered Bank
Standard Chartered Bank offers three types of mortgages: home loan, construction mortgage and non-resident mortgage.
Construction mortgage amount is up to Ksh100 million. Interest is 1% of loan amount (Minimum KES 10,000)
Charges associated with the home loan:
Home mortgage amount is up to Ksh 100 million. Benefits run up to 25 years. Interest charged is 1% of the total loan amount.
Non-resident also gives a loan of up to Ksh100 million with longer loan tenor periods of up to 20 years. Interest is 1% of the loan amount or minimum of Ksh10, 000.
National Bank
There are three types of mortgages under National Bank: residential plot purchase, mortgage top up and equity release.
Interest on the mortgage is 1% of the loan amount.
The mortgage takes up to 25 years.
NCBA
NCBA offers you a chance of owning a home through their mortgage.The loan repayment period takes up to 25 years.
Features
If you’re looking for a home loan, NCBA makes becoming a homeowner an achievable goal. Our loans offer:
ABSA
You can take a loan to buy a home, build a home,buy to let,or re-mortgage.If you want to buy a home,the bank will finance up to 90% of the value of the home.The repayment period is 25 year.
Costs of the mortgage
If you want to build a home, this is what ABSA will give you:
Costs
Cooperative Bank
Cooperative Bank offers mortgage to diaspora individuals. It’s actually among few institutions that offer this kind of mortgage.
Requirements
Stanbic Bank
Stanbic Bank offers up to 105% financing.
Features of the mortgage
I&M Bank
Benefits of the home loan
List of loans offers by the bank
Bank of Baroda
Bank of Baroda gives mortgage of up to Ksh 100,000,000.
Baroda Mortgage Loan : Loan Amount
Minimum Kshs. 1,000,000/-& maximum Kshs. 100,000,000 (Also in available USD)subject to following income criteria;
Baroda Mortgage Loan : Repayment
Equity Bank
Equity Bank offers mortgage finance with repayment period of up to 20 years.Interest does not exceed 1.5% of the property value.
Family Bank
Another bank to approach for home loan is Family Bank. Maximum repayment period is 25 years.
Stamp duty (4% of property value)
Legal fees
Valuation fees
Appraisal fees 1% of loan amount
Benefits
Copy of title to the property
Copy of National ID/KRA PIN certificate of individual
Valid sale agreement or letter of offer from the seller
Payslips for the past 3 months
Letter from employer confirming employment status
Bank statements for the past 6 months
One passport size photograph
Diamond Trust Bank
Bank of Africa Kenya
Mortgage
Mortgage Products Offered:
Requirements:
Benefits:
Housing Finance
Asset Finance
HFC Asset Finance is a type of financing for movable assets such as motor cars, school buses, construction equipment, industrial equipment, and other assets with a minimum finance amount of Kes 300,000.
Affordable Housing financing
This solution is designed for customers who want to buy property for own occupation under our Affordable Housing Proposition. We have partnered with Kenya Mortgage Refinance Company (KMRC) to make your home ownership easier.
Requirements for Employed
Requirements for Self-Employed
Fees & Rates
Plot financing
Own a plot today and grant yourself the opportunity to become a developer. This product enables you to purchase a plot of land for future construction or development for up to 70% financing of the selling price or value, whichever is lower.
Requirements for Employed Persons
Requirements For Self-Employed Customers
Construction
The Construction Loan is a facility that allows those who already own a plot to borrow funds to enable them build residential units on the plot. The construction project is then managed by an agreed group of professionals with disbursement handled on an arrear’s basis directly to the contractor.
Investment Residential financing
This is a facility taken for property considered as an investment and not intended to be occupied as the primary home of the borrower. It is suitable for the individuals who want to buy another property to join the already existing stable investment. Purchasing that second piece of real estate could be one of the best decisions you ever make.
Gulf Bank Personal Home Finance
The repayment period for this loan is 25 year.
Personal home finance takes up to 20 years of repayment.
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