When looking to buy or build a home, capital is usually a major problem. This is because amongst aspiring home owners, not too many people have bundles of cash lying around idle. In addition, building a home or buying one is not a small fete.
As a result, many people are compelled to resign their fate to renting and the uncertainties that come with it.
Although this has been the case for a long time, owning or buying a home no longer needs to be just a pipe dream. It is now achievable, even where you might not have ready capital.
In the market, there are various options that any Kenyan who dreams of building their own small or big home, or acquiring and already built unit can explore.
One of these is the KMRC home loan home ownership solution that is offered by the Co-operative Bank (Co-op Bank) to both employed and self-employed Kenyans.
Under this solution, you can get between Sh. 500,000 and Sh. 8 million to buy or build your own home on a reducing balance basis. The repayment period for the formally employed and salaried individuals goes to 20 years while the self-employed goes to 10 years.
“The loan is for the purchase or construction of residential houses and we will finance up to 100 per cent of the property price for the purchase of a ready-built house, and up to 90 per cent of the property value for the building of a house,” states Co-op Bank, adding that the security will be the house and on other security will be required.
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Under the utilization options for the loan, you can use the money to buy am already built house, you can build the house on an existing plot, and you can buy a plot and built your house on it according to your taste and preference.
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If you are married, you will get the option of applying for the loan together with your spouse. This implies, for instance, that if your spouse is formally employed and salaried, you will have an extra income stream with which you can use to offset your borrowed principal and reduce your repayment period.
