Sunday, October 19, 2014

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 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.
-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.
-All loan products will be repaid within a maximum duration of 5years. Interest rates vary per borrower.

Mwabaya Katana

About Mwabaya Katana

Mwabaya is an experienced and talented finance content creator based in Kenya. He is the Founder of Loans Kenya Blog.

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