Mortgage In Kenya For Diaspora
What is A Mortgage In Kenya For Diaspora?
Several banks in Kenya offer diaspora mortgage loans to Kenyans living abroad who want to invest in the Kenyan real estate market.
The KCB Diaspora Mortgage, for example, offers loans in Kenyan Shillings, US Dollars, and GBP to buy ready-built homes, construct residential or commercial properties, purchase residential plots, and simultaneously construct.
The National Bank of Kenya also offers competitively-priced plans to suit the requirements of Kenyans living abroad.
Equity Bank offers residential mortgages and equity loans to non-resident Kenyans, Kenyans sent on foreign missions abroad, and Kenyans with dual citizenship.
Standard Chartered Kenya offers mortgages to non-resident Kenyans looking to buy property as an investment or a place to stay when they return home.
Co-operative Bank also offers diaspora mortgage loans to Kenyans living abroad who want to invest in the Kenyan real estate market.
The eligibility criteria for diaspora mortgage loans vary by bank. For example, the National Bank of Kenya requires that the applicant be Kenyan and gainfully employed in their resident country.
Equity Bank offers diaspora loans to non-resident Kenyans, Kenyans sent on foreign missions abroad, and Kenyans with dual citizenship.
The KCB Diaspora Mortgage requires a filled-in application form, a KCB Bank account, pay slips for the latest 6 months, a copy of Kenyan ID and valid Kenyan passport, a Kenya Revenue Authority PIN certificate, 3 passport size photos, and an offer letter or sale agreement witnessed by a lawyer.
What Are The Requirements For A Diaspora Mortgage In Kenya?
To qualify for a Diaspora Mortgage in Kenya, one must be a Kenyan citizen and gainfully employed in their resident country.
The eligibility criteria for Diaspora Mortgages may vary depending on the bank.
For example, Cooperative Bank requires a full copy of Kenyan passport or Kenya national identity card, a copy of Kenyan PIN certificate, a valid copy of residence or work permit, a copy of recent utility bill, a letter from the employer stating employment terms, and three months of the latest payslips.
KCB Bank requires a filled-in application form, a KCB Bank account, pay slips for the latest six months, a copy of Kenyan ID and valid Kenyan passport, Kenya Revenue Authority PIN certificate, three passport size photos, and an offer letter or sale agreement witnessed by a lawyer.
Equity Bank offers Diaspora loans to non-resident Kenyans, Kenyans sent on foreign missions abroad, and Kenyans with dual citizenship.
The available financing options for Diaspora Mortgages include purchasing developed property in Kenya, limited to residential property for personal customers, and purchasing plots for development with financing from the bank.
The mortgage facilities are available at competitive interest rates in Kenyan shillings, US dollars, euro, and GBP.
The mortgage options may also include joint mortgages, mortgage top-ups, mortgage takeover from other financial institutions, and equity release.
What Documents Are Required To Apply For A Diaspora Mortgage In Kenya?
To apply for a diaspora mortgage in Kenya, several documents are required. The documents required may vary depending on the bank or financial institution.
However, based on the information provided by Cooperative Bank, National Bank, and KCB Bank, the following documents are required:
- A full copy of Kenyan passport or Kenya national identity card
- Copy of Kenyan PIN certificate
- A valid copy of residence or work permit
- Copy of recent utility bill (gas, power)
- Letter from employer stating employment terms
- Fill in and sign loan application forms
- 3 months latest payslips
- 6 months latest certified salary bank statements
- Draft sale agreement or offer letter
- Copy of title for the property
- Evidence of down payment or deposit
- Registered specific power of attorney (optional)
- Three passport size photos
Cooperative Bank, National Bank, and KCB Bank offer diaspora mortgage products that enable Kenyans living abroad to invest in the Kenyan real estate market.
The eligibility criteria for these mortgage products may vary, but generally, one must be a Kenyan citizen and gainfully employed in their resident country.
The mortgage products are available in different currencies, including Kenya Shillings, US Dollars, and GBP, and offer loans at competitive rates on both residential and commercial properties.
What Is The Process For Applying For A Diaspora Mortgage In Kenya?
To apply for a diaspora mortgage in Kenya, there are several requirements that need to be met. These requirements vary slightly depending on the financial institution, but they generally include a full copy of the Kenyan passport or national identity card, a copy of the Kenyan PIN certificate, a valid copy of the residence or work permit, a copy of recent utility bills, a letter from the employer stating employment terms, and filled and signed loan application forms.
Additionally, applicants are required to provide 3-6 months of the latest payslips and certified salary bank statements.
The application process for a diaspora mortgage in Kenya can take up to three months to complete.
Applicants need to apply for a mortgage with a bank or financial institution, and there are various types of mortgages available in Kenya.
The mortgage process in Kenya is tedious, and applicants need to provide all the necessary documents, including notarized documents, credit reference bureau reports from the country of residence, and legal fees of approximately 1-2% .
The benefits of a diaspora mortgage in Kenya include competitive interest rates in Kenyan shillings, US dollars, euros, and GBP, up to 105% financing, and a loan repayment duration of up to 20 years. Additionally, for occupied homes, there is tax relief for customers.
