Best Mortgages Companies in Kenya.

Simon Mwangi | April 24, 2024 | Trending | No Comments

A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Well if You are tired of renting you can check out some of the best mortgage providers to purchase or start building your home . I have listed them below but to know more about the mortgages Requirements , Benefits, Costs , I have provided a link to each that you can click on to check all you need to know about the mortgage plans.

1.KCB (Kenya Commercial Bank)

Benefits

Flexible repayment terms when assessing ability to repay (joint, rental and alternative incomes will be considered). Joint income from spouse, siblings & children will be considered in assessing repayment ability
Flexible terms for construction loans
Mortgage Protection Insurance (MPI) cover limit up to Kes.18M without need for medical checkup, retrenchment cover and social perils cover included
Competitive Interest rates
Access to all other KCB banking products (e.g. Overdrafts, credit cards, current, savings and investment accounts)

Standard Requirements

Proof of income
Proof that you can meet the 10% financing and other related costs e.g. Stamp duty, lawyers fee, valuation report etc.

Rates & Fees

Competitive interest rate.
Negotiation Fee -2.5% of loan amount
Leger Fee- Kshs 350 per month.
Legal Fees
Valuation fees

Click on KCB to check out more and calculate using the mortgage calculator to see whats suits you best

2.HF (Housing Finance) Group

Requirements for Employed Persons

ID/Passport copies
KRA PIN Copy
3 months payslips
6 months salary bank account statements
Letter from employer

Requirements For Self-Employed Customers

ID/Passport copies
KRA PIN Certificate
3 years audited books of account
1 year bank statements
Certified copy of partnership deeds (for partnerships) and Rental schedules (for landlords)

Features

Up to 90% financing of the selling price or value
Maximum loan term of up to 20 years for employed individuals and 10 years for SMEs and groups
Product is for outright purchase of a home

Fees & Rates

Commitment Fee of 1.5%
Valuation fee of approximately 0.5%
Legal Fees of approximately 1-2%
Stamp duty of 4%

Benefits

Our Home Loan provides you with an affordable way to buy a home with;

Up to 105% financing
Loan repayment duration of up to 20 years for occupied homes there is tax relief for customers
Mortgage protection cover in case of death or disability
Includes insurance cover for fire

Click on HF Group to check out more and calculate using the mortgage calculator to see whats suits you best

3. Standard Chartered Bank

Mortgage Products:

Equity release : This means you can borrow higher loan amounts using your existing property as collateral
Top up : Access a loan based on the amount you have settled after 24 months
Balance transfer: Allows you to consolidate your mortgage facilities with us and enjoy the comfort of having one view account.
Construction Mortgage: If you already own a piece of land we will finance you to build your dream home.

Benefits of a Standard Chartered Mortgage

Their home solution gives you access to competitive rates on your Home Loan. Along with your Home Loan, you also receive a current account and a pre-approved credit card. Additional Benefits are :

Choice of currency
High loan amounts ( up to KES 100 million. )
Longer loan periods
Available to business owners
Non-resident Kenyans
Expatriates
Faster processing
Holiday Home

Fees and Charges

Facility arrangement fee: 1% of loan amount (Minimum KES 10,000)
Legal costs and stamp duty – varies depending on property value and location
Fire (property) insurance – comprehensive insurance with the Bank’s interest duly noted
Mortgage protection insurance for the borrower – to safeguard the borrower during the mortgage term
Valuation fees – upon approval of application, the property should be valued

Click on Standard Chartered

4. CBA

Benefits:

Borrow in KES, USD, EURO, GBP
Your income/salary currency should match the respective borrowing currency
Financing up to 80% of Property value or Selling Price whichever is lower for KShs. mortgages
Financing up to 80% of Property value or Selling Price whichever is lower for foreign currency mortgages
Financing available for residential units both complete and off plan. An occupation permit for the property will be requisite to disbursement of funds.
Competitive interest rates on reducing balance
Loan tenure of up to 15 years for KShs. Mortgages and 10 years for Foreign currency mortgages, subject to retirement age
Arranged legal and valuation services (fees applicable)

*Foreign currency mortgages are subject to foreign currency exchange movements

Associated costs

Your Deposit/Equity contribution
Arrangement fees of loan amount advanced – 1% for KShs. Mortgages and 1.5% for Foreign currency Mortgages
Stamp Duty and Stamp duty on charge fees – Statutory fees paid via Lawyers
Legal fees – for conveyance and registration services
Valuation fees – for Valuation services

Click on :CBA

6.NIC Bank

Options :

Equity Release – Financing against your already existing house
Purchase Financing – Loan that funds to buy a readymade house
Top-Up – Increase in value of your existing mortgage due to reduction of loan amount or appreciation of property value
Balance Transfer/Refinance -Transfer of an existing mortgage from one financier to another
Construction Finance – Loan that funds the building of a residential home or residence
Plot Purchase – Financing to buy vacant land

Features and Benefits:

Up to 90% financing for Kenyan residents and 70% financing for Kenyans in the diaspora
Mortgage Protection Insurance (MPI) cover that takes care of retrenchment, death and disability and social perils cover included
Competitive Interest rates
Flexible repayment periods of up to 20 years
No penalty for early repayment
Available to both Kenyan citizens and non-Kenyan permanent residents
We arrange for valuation and legal processes by bank-appointed service providers
Joint applications allowed
Minimum amount of KES 1 million. Maximum amount is based on your ability to repay.
Interest is charged on a reducing balance basis