If you want to own a home in Kenya, Mortgage is the best option you have especially when you don’t have enough money to pay for your preferred home. Kenya Mortgage Refinance Company is among the leading mortgage providers. Below are the requirements for taking a mortgage from them:

KMRC HOME LOANS ELIGIBILITY CRITERIA
   
Eligible Property The property must be a residential unit for owner occupation
  or occupation by immediate relatives of the owner
   
Eligible Loans Purchase of a new or existing residential property
   
Eligible Borrowers Kenyan Citizens: Salaried and self-employed with verifiable income
   
Term Up to 25 years
   
Interest rate Fixed for the tenor of the loan
   
Currency KES
   
Mortgage Loan Limit  
  Up to Kes. 8 Million
   
Loan to Value Ratio Up to 105% maybe considered where the PML has adequate
(LTV) safeguards of insurance (Collateral replacement indemnity) and or
cash cover margins
 
Payment to Income up to 2/3 of Net Income (Where applicable)
ratio  
   
Delinquency All loans submitted for refinancing must be current, without
  delinquencies
   
Property valuation Property financed to be valued as per standards established
  by KMRC
Tenure of Property Minimum unexpired lease term of 40 years
   
Title Good legal title free from encumbrances
   
Insurance 100% of appraised value or reinstatement cost
   
Life Insurance Required for outstanding balance of home loan
   
Over-collaterization The nominal value of pledged home loans will exceed the
 
  aggregate outstanding balance of the loans to the financial
  institution by 120 %

Contact details

+254 111 022 400

info@kmrc.co.ke

communications@kmrc.co.ke

LOCATION

27th Floor, Old Mutual Tower, Upperhill Road, Upperhill, Nairobi.





Source link

February 8, 2024

Written by:

X