Kmrc loans refers to the loan facility given out for the purpose of residential house building (mortgages) in Kenya.
KMRC stands for Kenya Mortgage Refinance Company.
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| KMRC Logo |
From the above name you can see that Kmrc is for Refinancing.
Kmrc supports Banks ,Microfinance Banks and Saccos which are in the business of mortgage loans.
What are the kmrc loan limits? The loans will depend on the customer's house costs and eligibility. On average, a majority of Kenyans take around Ksh5,000,000 as mortgage loans to build their homes.
Loan repayment duration for kmrc loans is up to 25 years .
What is kmrc loans interest rate? The average kmrc loan interest rate is 9.5% per year. This can go down to 8% per year if the customer's credit score is good and has a good capacity to pay back the loan.
How to apply for kmrc loans
As an individual,you can't apply for kmrc loans directly.
KMRC works with mortgage lenders and if your bank, Sacco or microfinance bank is a partner, you'll can get kmrc loans via that lender .
KMRC has made housing be affordable in Kenya since inception years back.
KMRC loan requirements
For Kmrc loan eligibility, any kenyan can apply via his or her mortgage lender. KMRC encourages low income Kenyans earning below ksh150,000 to apply.
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