Good news for aspiring homeowners in Kenya!
The Kenya Mortgage Refinance Company (KMRC) has announced an increase in its mortgage limit from Ksh 8 million to Ksh 10.5 million.
READ ALSO: KMRC’s Affordable Mortgage Options for Middle-Income Buyers
This development, which comes in collaboration with various financial institutions including Absa Kenya, Co-operative Bank, Stima Sacco, Ukulima Sacco, Stanbic Bank, Housing Finance Company, Tower Sacco, NCBA Bank, and KCB Group, marks a positive shift for those looking to own a home.
The decision to raise the mortgage limit was influenced by changes in the construction industry and property market prices. These macro changes have prompted KMRC to adjust its offerings to better serve the needs of potential homeowners.
READ ALSO: How to Save Money for a Home Down Payment
It’s important to note that the mortgage limit is pegged on foreign currency and that the previous limit of Ksh 8 million was set back in 2020. Additionally, for someone to qualify for the KMRC mortgage, there household income should not exceed Ksh 200,000.
Despite fluctuations in the market, KMRC has committed to maintaining an average interest rate of 9.5% for its mortgage products, ensuring affordability for borrowers.
READ ALSO: A Beginner’s Guide to Mortgages When Buying a House
Looking ahead, KMRC is exploring opportunities in the green bond market to secure additional investments for financing its loans, further enhancing its ability to support homeownership in Kenya.
For more information and to take advantage of this increased mortgage limit, interested individuals can visit KMRC’s website.
READ ALSO: How to Use The Home Loan Mortgage Calculator
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