Steps when choosing a Mortgage
- Save up for a down payment. Raising a high down payment is a sure way of getting a great mortgage deal. The higher the deposit you put down, the lower the loan you need. And of course the lower the amount you want to borrow, the more interest rate options you get. The key criteria in Kenya is always based on whether you are better off reducing your monthly mortgage repayments compared to earning a return in some other form of investment.
- Shop among multiple lenders. This may sound like a complete no-brainer but you will be surprised that many people do not hunt for the best mortgage deals. Make the necessary research to ensure that what you are getting from a lender is the best deal in the market. Look beyond your bank or sacco. Talk to multiple lenders and explore all their options. Just like you do when purchasing a car, test drive your loan before proceeding with your purchase. There are quite a good number of mortgage providers in Kenya willing to give you attractive interest rates, including Equity Bank, Housing Finance Limited and Savings & Loan – a subsidiary of Kenya Commercial Bank.
- Ask the right questions. There are two things you need to know about interest rates – generally, the current rate and the future expectations of where interest rates will go. Current interest rates in Kenya are set depending on the amount you want to borrow and the duration (term) you want to borrow for. Be sure to ask as many questions as possible regarding the rates that you are signing up for to avoid future shock of interest rates variations. READ: State mortgage firm KMRC to offer loans at less than 10pc
- Seek expert advice. From the above, you should now have the bits that will help you decide what type of house you will buy based on its monthly or annual cost. You just need to consult a housing finance provider on this or just check out for Kenyan real estate websites offering mortgage calculators.
With competitive rates and flexible repayments, you can realize your dream of owning your own home.
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
The decision to own your own home is one of the most exciting and important decisions that you will ever make. Thanks to our mortgage loan solution this decision is now an easy one. We offer highly competitive mortgage rates in Kenya.
Here's how:
Choosing the right mortgage plan is a top priority when beginning the journey to home ownership. The option you choose should fit your unique needs and preferences. At NIC we have a dedicated team of Mortgage specialists to walk with you through the journey towards securing your dream home.
NIC Mortgage offers you a variety of 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
Buying a house is one of life’s major expenses. That’s why it’s so important to find a financial partner you can trust when it comes to borrowing the money you need. With decades of experience in mortgage lending, CBA can offer you some of the best advice complemented by individually tailored mortgage solutions. If you are looking to buy or build a home, we offer a variety of mortgage options that will put the key in your hand sooner than you think.
Benefits:
- Available and experienced relationship management on hand to advise and guide you on property evaluation and market trends
- Flexible repayment periods up to 25 years
- No penalty for early repayment
Features:
- Minimum amount of KShs. 1 million, maximum amount is based on your ability to repay
- You can borrow in Kenya Shillings or in major foreign currencies such as USD, EURO and GBP (if your income/salary is in a foreign currency)
- Available to both Kenyan citizens and non-Kenyan permanent residents
- We arrange for valuation and legal processes by bank appointed service providers
- Interest is charged on a reducing balance basis
Application Requirements:
- A completed and signed mortgage application form
- Your original ID/passport (plus copies)
- Bank statements for the previous six months
- Pay-slips for the previous six months
- Duly signed sale agreement
For more information contact your Relationship manager or Customer Service Representative or email us at contact@cbagroup.com
To apply for your mortgage now, download and fill this form and send it through to us
Ordinary Home Loan
Our home loans give you the opportunity to buy your own property. Our 105% Mortgage financing solution just made this easier. It caters for 100% sales price plus the closing cost i.e. stamp duty and legal fees to facilitate home ownership. With this product, you can now buy an existing, developed residential property and get up to 105% financing.
Whether you’re a first time buyer, buying another property, buying-to-let or wanting to build your own house; with a Barclays home loan you can have the home you want.
To get your Mortgage is pretty straightforward and we promise to assist you every step along the way. We also guarantee to inform you within 48 hours if your application was successful and to keep you updated throughout the whole process.
We also offer fully Shari’ah compliant mortgages.
Choose your mortage option
-
Buying a home -
Building a home -
Equity Release Loan -
Buying to let
Re-mortgage
When you've found the one you want
A straight purchase
You’ve found a house you like, you want to buy it and we help you with a mortgage.
To get a mortgage follow these steps
- Intended for anyone who wants to own a home
- Repayment period of up to 25 years
- Purchase the desired property anywhere in the country
- Security charge over property
- Maximum loan finance of 90%
| Costs | Percentage of mortgage amount (approximate) |
| Transfer stamp duty | 4% of home value / 2% for upcountry |
| Stamp duty on charge | 0.1% |
| Negotiation fees | 1% to 2% |
| Legal fees | 1.2% |
| Fire insurance | 0.125% |
| Home loan protection cover | 0.3% |
| Valuation fees | 0.25% of value of property |
| Insurance and protection costs are annual | |
| Mortgage Provider | Rate | Period - Years |
|---|---|---|
| Standard Chartered Bank Kenya | 12.2% | 25 |
| Citibank Kenya | 12.5% | 25 |
| Commercial Bank of Africa | 12.9% | 25 |
| Kenya Commercial Bank | 13.3% | 25 |
| NIC Bank Kenya | ||
| CFC Stanbic Bank | 14.1% | 1 |
| Barclays Bank Kenya | 14.4% | 25 |
| Diamond Trust Bank | 14.6% | 20 |
| Co-operative Bank | 14.9% | |
| Consolidated Bank | ||
| Equity Bank | ||
| I&M Bank | ||
| HFC Group | ||
| SBM Bank | ||