Aspiring homeowners in Kenya have received some great news as KMRC has increased its affordable mortgage limit from Ksh 8 Million to 10 Million.
Good news for aspiring home owners in Kenya!
The Kenya Mortgage Refinance Company (KMRC) has announced an increase in its mortgage limit from 8 million to 10.5 million.
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 look into 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.
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.
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