Many people in Kenya share the ambition of owning a property, and thanks to the availability of reasonable mortgage alternatives provided by numerous banks, this dream is becoming more attainable. As the real estate market continues to grow, numerous financial institutions are stepping up to provide accessible and flexible financing solutions for aspiring homeowners. This article will look at different Kenyan banks that provide affordable mortgage options putting you one step closer to realizing your dream of becoming a homeowner.

Standard Chartered Bank

Currently, Standard Chartered has some of the lowest mortgage rates in Kenya. With an option for the entire 105% mortgage financing solution, interest rates can drop as low as 12.2%. Although there is a facility fee of 1% or Ksh 10,000, you can spread out your mortgage payback premiums over 25 years, making your monthly payments more manageable. These are some of the features offered:

• You can borrow up to KES 100 million, with up to 100% financing and a long tenor of up to 25 years.
• Get access to a loan based on the amount settled from the mortgage after 24 months.
• The mortgage deal allows you to borrow higher loan amounts and use your existing property as collateral.

Equity Bank

Equity Bank is known for its customer-centric approach and innovative financial products. When it comes to mortgages, they offer a variety of options tailored to different needs. From first-time homebuyers to those looking to refinance their existing loans, Equity Bank provides competitive interest rates and favorable repayment terms. They also have a transparent application process, making it easier for potential homeowners to understand the requirements and benefits of their mortgage products. Equity Bank offers features such as:

• Minimum loan amount of KES 2 million. No maximum loan amount.
• Up to a maximum of 15 years.
• Up to 80% financing depending on the location of the property.
• Competitive interest rates.

Kenya Commercial Bank

Kenya Commercial Bank (KCB) is another prominent player in the Kenyan banking sector that offers affordable mortgage solutions. With a range of mortgage packages designed for various income levels, KCB strives to make homeownership achievable for a wide audience. Their flexible repayment options, coupled with competitive interest rates, allow individuals and families to plan their finances effectively while investing in their dream homes. When it comes to payment options, KCB allows for:

• Joint payment
• Rental payment
• Alternative payment This bank also has competitive interest rates and offers mortgage income rates at 13.3%.

Co-operative Bank

Co-operative Bank has gained a reputation for its commitment to supporting local communities. Their mortgage offerings align with this ethos by providing accessible financing options to Kenyan citizens. Co-operative Bank’s mortgage products cater to both employed and self-employed individuals, making it easier for a diverse range of customers to secure their dream homes. The bank’s personalized approach and comprehensive advisory services add an extra layer of assistance to potential homeowners.

Features:

• Wide array of mortgage product offerings, that is, purchase, construction, and equity release
• Multi-currency mortgages available in KES, USD, GBP and EUR
• Efficient processing of your application
• Higher financing percentages to enable you to own your home with ease
• Dedicated personal banker to walk you through the process
• Flexible and competitive rates
• Automatic qualification for a credit card
• End-to-end real estate solutions including project financing and end-buyer financing

Conclusion

Owning a home is a milestone that brings a sense of security and accomplishment. Kenyan banks are recognizing the importance of providing accessible mortgage options to help people achieve this goal.