Buying or building a home with a mortgage loan .

    October 19, 2014   No comments

Financing the purchase or building a home is crucial to any kenyan.I mean owning a mordern keja where you and your family will feel at home may need a helping hand -a mortgage loan.Many banks and other lenders offer this loan facility here in Kenya .Today I will take you through what the Bank of Africa -Kenya has for you in store.
See also a mortgage loan from family bank of kenya .
THE MORTGAGE PRODUCTS.
The Bank of Africa- kenya offers six mortgage loan products.
1)Owner occupier loan- this mortgage loan product is for any borrower wishing to buy new or partially used houses found in single developments or residential estates.
2)Residential investment loan- this is for people or businesses wishing to finance the purchase of commercial residential properties including blocks of flats or maisonettes but not office blocks.
3)Equity release/home improvement loan- it's like giving more assistance to borrowers  who have conducted satisfactorily for the last 3years.This product can also be availed to prospective borrowers holding clean title of residential property in a city or town.
4)Mortgage purchase loan- this will happen if a borrower with a good performance record from another bank wishes to transfer their mortgage loan to Bank of Africa -kenya.
5)Construction for owner occupation loan- This loan product targets potential borrowers with an approved architectural drawing wherr the Bank of Africa- Kenya will then finance the building process.Loan disbursement will be on reimbursement basis against certificates.
6)Plot loan to build- a loan given to borrowers wishing to buy a plot develop a residential house on it.
QUALIFICATIONS.
-You must have a sale agreeet or an offer letter for the house or plot on sale.
-You must provide registration documents if you are borrowing as a business.
-You must provide the latest payslips or books of accounts (for businesses.)
-Present bank statements for the last six months.
-Present a copy of title for the property offered as collateral.
-A valuation report from a valuer in the bank's panel must be presented.
-Employees need to provide a letter of introduction from their employers.
-All applicants must open a current account at the Bank of Africa - Kenya.
LOAN REPAYMENT.
-All loan products will be repaid within a maximum duration of 5years. Interest rates vary per borrower.
  
 
          
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Mwabaya Katana

Posted By Mwabaya Katana

Mwabaya Katana is a Personal Finance online writer.He is the founder of 'Loans Kenya' Blog.

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