Self-employed mortgage loan.Is this for you?

    October 03, 2014   No comments

Majority of mortgage loans in Kenya are targeting salaried individuals.Lenders tend to shy away from financing mortgage costs for self-employed customers.I think it's due to the uncertain nature of their financial statuses and informal nature of their businesses.Corporates and established companies are easily approved for loans. why? The answer is, start formalizing your business today by going through all the legal processes reqiured in registering it.Finally, let the business have its own bank account as a legal entity.That's the beginning of a new lease of life in your business.
Many lenders in the market will now be willing to be your business financiers including banks, venture capitalists and even shylocks.Yeah,because your business is a firm collateral and by registering it you showed your commitment to it. Talking about lenders flocking to you,today I will take you through the details of a mortgage loan facility from Family Bank of Kenya.
See also a mortgage loan for salaried customers from Barclay's Bank of Kenya.
Keeping mortgage loans for salaried individuals and corporates aside, The Family bank of Kenya allows you(self-employed) to choose whether you want to buy a ready built house, you want to build a house on your own plot,you want to buy land and build a house later on or you want to buy a plot and develop a house brick by brick through other future loans.The choice is yours.As a self-employed client,you qualify for any of the above choices.
All you'll need is to present the
following things ;
-business registration certificate ,the reason why you must start thinking of registering your business today.
-bank statements for the last 12 months.They say 'tomorrow's journey is better planned today'.12months from now, you'll be ready to apply for a mortgage.
-books of accounts.These will give a financial evidence of your business perfomance.
-a valid sale agreement for the plot,house or both.This will show evidence of the existence of such property on sale. 
What's the interest rate?
-The interest rates and the mortgage loan amounts are flexible as per the price of the house, plot or both, but
the repayment period must not go
beyond 25 years.
Need anymore personal information?Comment below.
Good luck!
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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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