Not many people can afford to purchase property outright, which is why most people with opt for a secure loan against the property they are looking to purchase.
Most financial institutions, such as insurance companies and banks, offer financial and credit products that help Kenyans enter the property market with long-term mortgages at low-interest rates with set terms and conditions.
Other non-bank financial institutions such as Kenya Mortgage Refinancing Company also offer affordable long-term funding.
Curated here are some of the 6 top mortgage lenders in Kenya;
1. Citibank Kenya
Citibank has been providing mortgage lending services in Kenya for more than 45 years. Citibank mortgage loans are at a rate of 12.5% with a straightforward application process with short approval time.
2. Kenya Commercial Bank (KCB)
KCB has branches across the country where Kenyans can access mortgage loans. Its easy access mortgage loans are available for self-employed people or partnerships, the gainfully employed, investment groups & limited companies. KCB provides minimum loans of Ksh 500,000 with long term payback options of up to 25 years.
3. Standard Chartered Bank
Standard Chartered Bank offers great mortgage loan options up to Ksh 100,000,000 that are available to citizens and non-citizens. To access the mortgage, the bank requires the borrower to be at least 21 years of age and offers longer repayment options of up to 25 years.
4. Co-operative Bank of Kenya
Co-operative has three subsidiaries including the Kingdom securities limited, Co-op Trust Investment services limited, and Co-op Consultancy and Insurance Agency Limited. As a dominant bank in the East African, and provides financing solutions for the construction of residential or commercial properties.
5. Equity Bank
Equity Bank is a leading mortgage lender with a minimum of Ksh 2 million mortgage loan in Kenya with a repayment period of up to 15 years. Depending on the property’s location you can get a maximum of 80% financing towards the value of the property. The bank also provides loans non-residents with an interest rate of 13%.
6. HF Group
HF Group offers great mortgage loans up to 90 % of the selling value of your property. The loan repayment period can be up to 20 years if you are employed or up to ten years for Small Businesses and investment groups with an interest of 8% plus tax.
To qualify for the mortgage, for employed borrowers, the bank requires an ID, KRA PIN Copy, three months’ pay slips, a letter from your employer and a six months’ salary bank account statement.
