List Of Mortgage Companies In Kenya
A mortgage company is a lender specializing in originating home loans. Some mortgage lenders offer creative and out-of-the-box loan offerings, such as no origination fees or offering loans to those with less than stellar credit.
In this article Keweb.co tries to answer the question by publishing the full list of Mortgage Companies in Kenya
Types of loans you might be offered
To entice a huge number of borrowers, financial institutions try as much as possible to tailor the mortgage for different clients.
Most banks and other financial institutions are likely to offer the following loans:
- Owner-occupied residential mortgage. This is for those who wish to live in the property they purchase with the mortgage.
- Investment residential mortgage. This is for those that purchase the property as an investment and not as their primary residence.
- Construction loan for those looking to build from the ground The amount is often sent to the contractor are the professionals overseeing the project.
- To up loans also called Equity loan. This is an easier way of getting extra funds using the equity you have accrued. The loan can be used for other reasons.
Below are the full List of Mortgage Companies In Kenya
KCB Bank
You can borrow from KES 100 million with up to 90% for owner-occupier,80% for income-generating properties, and 70% for plot purchase. The interest rate is 13.3%.
ABSA Bank of Kenya
Financing up to 90% financing with a repayment period of up to 25years
Stanbic Bank
Up to 105% finance of properties below Kes. 20M and up to 100% finance for construction of single residential houses below Kes. 20M.The payment period of up to 20 years
Standard chartered bank
You can borrow up to KES 100 million, with up to 100% financing and a long tenor of up to 25 years. The interest rate is 12.2%.
NCBA
It offers Up to 105% Financing of property value or market price. The maximum term of up to 25 years. NCBA mortgage loans are offered in Kenya in Shillings, Dollars, Pounds, and Euros.
EQUITY
The loan amount is based on the customer’s ability to pay. The loan period is up to 180 months (15 years) and the financing Margin – up to 100% financing.
HF Group
It offers up to 90% financing of the property value with an interest rate of 13%. The maximum repayment period is 20 years.
Citibank Kenya
Citibank offers fixed and adjustable-rate mortgages. The annual interest is 12.5%.
Gulf bank
Gulf bank provides home financing solutions for property in any major city or town with flexible financing and repayment plans. It’s based on the Diminishing Musharaka Sharia’h Agreement. The repayment tenure is up to 20 years.
How to get a mortgage loan in Kenya?
What you need to get a mortgage
- A signed mortgage application form.
- Original copies of your identification documents, ID or Passport.
- An introduction letter from your employer (for those employed)
- 3 months’ payslip.
- Certified bank statement for at least 6 months.
Can foreigners get mortgage in Kenya?
Yes. The bank allows you to make lump sum payments into your mortgage loan account.