Home Loans in Kenya: Of late the real estate sector has been taking heat from home and land scams.Potential home buyers who went for off-plan home buying plans are also in pain.The latest to be caught were home buyers in firms such as Gakuyo Real Estate, and the Suraya Property Group.
Consequently, many aspiring home owners have been left mulling on whether there is a clean and easy way they acquire a home in 2019. Well, the answer is! Currently, the home ownership program being run by Co-operative Bank provides one of the easiest and most reliable ways to become a home owner.
The program, dubbed Good Home Mortgage comes with flexible repayments that tailored to suit the financial capacity of the prospective home owner.
While all the land and home buying scams hitting the real estate sector have been fueled by promises that do not consider the basic aspects of what makes a good home, the Co-op Bank purchase program takes all the fundamentals of ownership into account. This includes the type of property one wishes to acquire, the value of the property, location, the age of the home buyer and their income details.
Essentially, with Co-op Bank, you don’t buy a home on paper, but an actual and physical home that you start living in immediately.
One of the easy ways you can acquire a home through this program is by taking a mortgage loan dubbed Good Home Mortgage.
Once you take this home loan, you’ll have the option of taking fixed or variable interest rates in your repayments. Additionally, owners who are already members of the Co-operative Bank Sacco Society will enjoy reduced rates based on the form of interest rates they opt for.
Interestingly, you will also be allowed to increase your monthly installments to ensure that you are able to repay the home loan as fast as you possibly can. You will also be given an evaluation report to enable you to make a better decision on which home to take or avoid.
The Good Mortgage from Co-op Bank offers:
- A maximum of 95 per cent of the mortgage value, hence you only need to have a minimum of 5% of the amount if your property is for owner occupation.
- We consider a maximum of 50% of your income as what can be applied to repay the facility.
- Costs associated with the process will amount to about 7% of the selling price.
- A clean title, free from encumbrances and where all land rates and rent are cleared.
- For Co-operative societies, requirements depend on the product chosen and the borrowing power limits.
- An account with Co-operative Bank to allow you easier access to the Good Home Mortgage.