How To Start Your Home Ownership Journey


How To Start Your Home Ownership Journey

By Soko Directory Team / Published November 17, 2022 | 8:48 pm

KEY POINTS

Kenya has an annual housing demand of 250,000 units with an estimated supply of 50,000 units, culminating in a housing deficit of 2 million units, or an 80 percent deficit. This means that each year, there are 50,000 Kenyans looking for a home.

KEY TAKEAWAYS

Absa Bank Kenya is one of the commercial banks in Kenya that looks at what you have in order to start streaming your cash flow and how best to achieve your home ownership goal. This allows your home ownership journey to be achievable and done right.

A man travels the world over in search of what he needs and returns home to find it. Simply put, home is where the heart is. That is why homeownership is one of the most fulfilling achievements one can attain. So, how can you start your home ownership journey?

Kenya has an annual housing demand of 250,000 units with an estimated supply of 50,000 units, culminating in a housing deficit of 2 million units, or an 80 percent deficit. This means that each year, there are 50,000 Kenyans looking for a home.

Housing affordability is a key challenge in Kenya with many people unable to afford to buy or build their own homes. Many are of the view that owning a home in Kenya is a reserve for the few who have deep pockets. .

The truth is, your home is a special place where you share your life with your family and spend quality time with those closest to you. That is why getting high quality and customized services are important when you are looking to buy your dream home.

You should not be in a hurry. Explore a variety of websites that provide more information on real estate and development in different areas around Kenya before making a decision to either buy land, buy a house, or construct one.

In starting your home ownership journey, “it is important to work with experts and professionals like lawyers to ensure due diligence is done when buying land or going for,” according to Samuel Gitonga, Founder and Managing Partner, of Gitonga & Associates.

Related Content: Do Due Diligence If You Want To Own A Home

According to Mr. John Kaburu, the Head of Mortgage at Absa Bank Kenya, the starting point to home ownership is affordability. “As a responsible lender, we want you to enjoy your ownership journey while ensuring that loan payment doesn’t become a hurdle .”

Absa Bank Kenya is one of the commercial banks in Kenya that looks at what you have in order to start streaming your cash flow and how best to achieve your home ownership goal. This allows your home ownership journey to be achievable and done right.

For those seeking to take up a mortgage, Absa Bank Kenya has some of the most friendly mortgage products in Kenya. For instance, a reduced interest rate of as low as 12.5 percent pa within industry rates. They also have an extended loan repayment period of up to 25 years.

Absa Bank also gives financing up to 90 percent, Non-financial benefits come from our mortgage team who guide customers throughout the mortgage and homeownership journey among others.

How to get a mortgage from Absa Bank Kenya:

Find a property: the first step is to find the property you would like to buy. Absa Bank either help you to find one or you can visit their website and access a list of various available properties.

Investigate: Search the land registry for the legitimate owner and if there is anything that might prevent the transfer.

Make an offer: Once you have done a search and there are no problems, make an offer. A lawyer will help you draft an agreement for the sale and the transfer of the property.

Obtain the funds: Absa Bank Kenya will assist you with the necessary requirements to get your loan and how to apply for it.

Complete any formalities: you will know within 48 hours if your application was successful. Absa will then do a valuation of the property. Depending on the location, either 2 percent or 4 percent has to be paid as tax to the government known as Stamp Duty.

Related Content: Absa To Offer Mortgage Customers 25 Years Of Repayment After Deal With Mi Vida

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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