Mortgages people suffering in silence

[Okiya]

[MEDIA=twitter]1066971348394803201[/MEDIA]

[Abba]

If I’m not wrong banks recover huge propotion on interest first then small percentage principle at the beginning.

[system]

Zero sympathy for people who signed up for mortgages and loans without doing the proper research. Some of us took loans which were supposed to be paid in 2 years or less but ended up paying installments for 4 - 5 years because of the interest rate adjustment na hatusumbui.

Who are these people who thought that they’d have a blissful mortgage period of 25-30 years with the banks???

And why would you take up a mortgage when you could afford a down payment which would have easily bought land and built you a bigger customized house?

Lambana na hali yako.

[Raheem8]

Use another friendlier bank or sacco to offset all your outstanding loan and proceed with that other bank.

[Abba]

@Nefertities

Zero sympathy for people who signed up for mortgages and loans without doing the proper research. Some of us took loans which were supposed to be paid in 2 years or less but ended up paying installments for 4 - 5 years because of the interest rate adjustment na hatusumbui.

Who are these people who thought that they’d have a blissful mortgage period of 25-30 years with the banks???

And why would you take up a mortgage when you could afford a down payment which would have easily bought land and built you a bigger customized house?

Lambana na hali yako.

You are seasoned

[MI6]

I said it all in this thread. Taking a mortgage in Kenya is ALWAYS a bad idea unless you are building for immediate sale. I am almost certain that the customer above took the mortgage to build/buy her own house to live in or build for rent, not for sale. Sooner or later, the mortgage market will fall like dominoes because it is just a house of cards waiting to crumble.
Link: https://www.kenyatalk.com/index.php?threads/kenya-vs-usa-real-estate.93335/

[confused_villager]

@Nefertities

Zero sympathy for people who signed up for mortgages and loans without doing the proper research. Some of us took loans which were supposed to be paid in 2 years or less but ended up paying installments for 4 - 5 years because of the interest rate adjustment na hatusumbui.

Who are these people who thought that they’d have a blissful mortgage period of 25-30 years with the banks???

And why would you take up a mortgage when you could afford a down payment which would have easily bought land and built you a bigger customized house?

Lambana na hali yako.

Very sober.

Sasa juu ya hiyo story, geuka nikubeng

[Vito_Corleone_Mafia]

@Nefertities

Zero sympathy for people who signed up for mortgages and loans without doing the proper research. Some of us took loans which were supposed to be paid in 2 years or less but ended up paying installments for 4 - 5 years because of the interest rate adjustment na hatusumbui.

Who are these people who thought that they’d have a blissful mortgage period of 25-30 years with the banks???

And why would you take up a mortgage when you could afford a down payment which would have easily bought land and built you a bigger customized house?

Lambana na hali yako.

we sit on the round table of mafias with kenyan banks …they are competition

[MBOMB]

@Nefertities

Lambana na hali yako.

Must be new.

[WuTang]

Bankers and lawyers are scum of the earth.

[system]

This twitter thread is traumatizing… Naona Mwingine hapo ameandika

My advise, please don’t name the bank. Like you said, it can be used against you. But when you clear your mortgage, please share. I lost my house(had to sell before it was auctioned). Have never recovered and my kids were traumatized. Will not try that again

[kah_tony]

Banks after rate cap are still making billions in profit. Go figure.

[Abba]

@confused villager

Very sober.

Sasa juu ya hiyo story, geuka nikubeng

Utatusiwa, hautailewa hilo tusi lakini utajihurumia

[Abba]

@teamtalk

This thread is traumatizing… Naona Mwingine hapa ameandika

My advise, please don’t name the bank. Like you said, it can be used against you. But when you clear your mortgage, please share. I lost my house(had to sell before it was auctioned). Have never recovered and my kids were traumatized. Will not try that again

Pole.

[system]

@Abba

Pole.

Not me… Lakini nashangaa na speed ya Kenyans to own homes in urban areas. Living in rentals and investing the money in stable business is far much better…

[Abba]

Lakini kwa kusema ukweli how do you take a loan of 7,000,000 at interest rate of 14% payable in 30 yrs surely?

(14/100)× 7m = 980,000 interest on 1st year pekee. Meaning 980,000÷12 = 81,666 monthly interest.
Then ongeza principle ya 20,000 = ksh 101,000 every month, add insurance ! !!!

You take this mortgage in your 30’s meaning utamaliza when 70 yrs. Question 1. is your job guaranteed for those 35 yrs? 2. Will the dynamics of your house change as time go by? You buy a 3 bedroom house when you are in 30s with 2 kids. Then unaongeza 5 others. Will that house sustain your growing family?

And remember this is a low cost house in syokimau. So try imagine a house in kilimani at 12-14 million. As @Nefertities amesema build your own pole pole. You will appreciate the savings you did. As usual I could be wrong

[mr_shairman]

Mi huona mortgage ni kaa slavery, committing astronomical amounts monthly for over 20 freaking years issa no for me.

[Randy]

@Abba

Lakini kwa kusema ukweli how do you take a loan of 7,000,000 at interest rate of 14% payable in 30 yrs surely?

(14/100)× 7m = 980,000 interest on 1st year pekee. Meaning 980,000÷12 = 81,666 monthly interest.
Then ongeza principle ya 20,000 = ksh 101,000 every month, add insurance ! !!!

You take this mortgage in your 30’s meaning utamaliza when 70 yrs. Question is your job guaranteed for those 35 yrs? Will the dynamics of your house change as time go by? You buy a 3 bedroom house when you are in 30s with 2 kids. Then unaongeza 5 others. Will that house sustain your growing family?

And remember this is a low cost house in syokimau. So try imagine a house in kilimani at 12-14 million. As @Nefertities amesema build your own pole pole. You will appreciate the savings you did. As usual I could be wrong

This is insane… utakufa kabla ulipe io nyumba juu ya stress.

[imei2012]

ikiwa hii normal personal unsecured loan inanihangaisha sembuse mortgage…hio sigwes na sigwes back in 12 suraya karibu waniweke kwa neti…thank God i dodged that one!!! But kuna watu who swear by mortgage I think it boils down to a case by case basis!!!

[Mangele]

@Nefertities

Zero sympathy for people who signed up for mortgages and loans without doing the proper research. Some of us took loans which were supposed to be paid in 2 years or less but ended up paying installments for 4 - 5 years because of the interest rate adjustment na hatusumbui.

Who are these people who thought that they’d have a blissful mortgage period of 25-30 years with the banks???

And why would you take up a mortgage when you could afford a down payment which would have easily bought land and built you a bigger customized house?

Lambana na hali yako.

Spot on. Kenyan mortgages are outrageous. How do you pay off a 30-year loan at 30% interest rate?
The US mortgages average 3.9 to 7%.