Mortgage system in Kenya

Mujwahuki

Village Elder
#1
Elders nataka usaidizi kutoka kwenyu. How does the mortgage system work in Kenya and what are the interest rates? Been searching but not getting enough information about it.
 

NMK

Senior Villager
#7
Won't advice you to take a mortgage in Kenya. Just look for other alternatives. Maybe save with a reputable housing Sacco.Will hopefully get you a nice analysis about this tomorrow if I ain't so busy.
My aunt took a 20year mortgage of around 120k kwa flat hapo Kileleshwa. Says biggest financial mistake of her life. To add salt to injury, restrictions za max 4floors Kileleshwa was removed. If you've been to kile lately kuna maflat kadhaa za 10 floors coming up. The exclusivity, privacy and serenity that attracted them there is no more.
 
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Mujwahuki

Village Elder
#8
Won't advice you to take a mortgage in Kenya. Just look for other alternatives. Maybe save with a reputable housing Sacco.Will hopefully get you a nice analysis about this tomorrow if I ain't so busy.
My aunt took a 20year mortgage of around 120k kwa flat hapo Kileleshwa. Says biggest financial mistake of her life. To add salt to injury, restrictions za max 4floors Kileleshwa was removed. If you've been to kile lately kuna maflat kadhaa za 10 floors coming up. The exclusivity, privacy and serenity that attracted them there is no more.
Thank you and please if you get the information get back at me.
 

Purple

Moderator
Staff member
#11
If you have to take a mortgage go for the cheap to mid level houses/apartments (3-6 million) whose monthly payments you can view as a form of mandatory savings. The ROI is better because their value will appreciate faster than the high end apartments in the 15 million plus range.
 

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O

Okiya

Guest
#14
If you have to take a mortgage go for the cheap to mid level houses/apartments (3-6 million) whose monthly payments you can view as a form of mandatory savings. The ROI is better because their value will appreciate faster than the high end apartments in the 15 million plus range.
Mid level apartments are coming up so fast and the capital appreciation is no longer an incentive. Take for instance great wall apartment. In 2010, according to the website by a4architect, a 2br was 3.5million.

IMG_20171116_063244.jpg

In 2017, the same house goes for 4.5 million. That's a 4% gain per annum.
 

Touchlyrics

Village Sponsor
#15
Mortgage ni moto ya kuotea mbali. I have never ever heard of any successful story of a mortgage, unless for guys working in a bank! Paying for a house for 25 years is no joke! Interest adjustments can make monthly payments go up instantly to levels you cant afford, na hao ikuwe repossessed hivyo tu.

Enda sacco uchukue loan ujenge tu pole pole, bila stress mingi.
 

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Who will win the 2022 elections? Ruto vs Raila. Cast your vote!

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