What Is The Cheapest Mortgage Rates In Kenya?

What Is The Cheapest Mortgage Rates In Kenya?

As of September 2020, the Kenya Mortgage Refinance Company (KMRC) started lending to financial institutions at an annual interest of 5%, enabling them to write home loans to 7% for Kenyans earning below Ksh.150,000, borrowing funds of up to Ksh 8 Million. This is the cheapest mortgage rate in Kenya, and it is available to a specific group of borrowers.

For instance, if a borrower borrows Ksh 5 million, they will have a repayment period of up to 20 years and a repayment of Ksh38,764 for 240 months.

Several banks in Kenya offer affordable mortgage rates. Standard Chartered Bank of Kenya offers some of the cheapest mortgage rates in Kenya, with interest rates that can go as low as 12.2% with an option for the comprehensive 105% mortgage financing solution.

Commercial Bank of Africa offers an attractive mortgage loan rate that is more affordable than the average mortgage rate in Kenya at 12.9%.

It is important to consider key factors such as interest rates, monthly payments, location, and property price before applying for a mortgage loan.

Which Financial Institution Offers The Cheapest Mortgage Rates In Kenya?

Several financial institutions in Kenya offer affordable mortgage rates. The Kenya Mortgage Refinance Company (KMRC) started lending to financial institutions at an annual interest of 5%, enabling them to write home loans to 7% for Kenyans earning below Ksh.150,000, borrowing funds of up to Ksh 8 Million. This is the cheapest mortgage rate in Kenya.

At this rate, a borrower can have a repayment period of up to 20 years and repayment of Ksh38,764 for 240 months.

Standard Chartered Bank of Kenya offers some of the cheapest mortgage rates in Kenya, with interest rates that can go as low as 12.2% with an option for the comprehensive 105% mortgage financing solution.

Citibank Kenya is another favorite mortgage provider with a mortgage loan rate of 12.5% and a fast and simple application process with a short approval time.

Commercial Bank of Africa offers an attractive mortgage loan rate that is more affordable than the average mortgage rate in Kenya at 12.9%.

When choosing a mortgage provider, it is important to consider the repayment period, facility fee, and insurance cover for fire, death, or disability.

It is also important to have an experienced relationship management team to advise and guide on property evaluation and market trends.

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