Kenya Mortgage Refinance Company now offering cheapest home loans in Sub-Saharan Africa

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Overview. Kenya has a rapidly growing real estate and housing finance sector. As the mortgage market does not yet meet the breadth of the population who might afford a mortgage, most households still finance their housing independently, with savings or non-mortgage credit. The lowest recorded interest rate on a mortgage in Kenya is 17.1 percent,

Some of the initiatives include: (i) establishment of the Kenya Mortgage Refinancing Company (KMRC) facilitating provision of mortgages to buyers at affordable rates, (ii) a 15.0% tax relief for first-time buyers up to a maximum of Kshs 108,000 p.a., and (iii) exemption of first time homebuyers from stamp duty tax.

The Kenya Mortgage Refinance Company (KMRC) will provide secure funding to mortgage lenders so that they can offer more mortgages at lower prices. With such long-term funding, primary mortgage lenders will also be able to lengthen repayment periods to 15 to 25 years, and offer a fixed interest rate, making mortgages both safe and affordable for low income earners.

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From Athens to sub-Saharan Africa, globe-spanning lending agencies dangle new loans (needed. On a visit to Kenya not long ago, for instance, I was struck by the proliferation of small credit unions.

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The funds will support the Kenya Mortgage Refinance Corporation. The World Bank has approved a USD250 million International Bank for Reconstruction and Development (IBRD) loan to support housing projects in Kenya. The funds are expected to enhance access to affordable housing finance for Kenyans who are unable to access long-term housing finance.

CBK is yet to offer Kenya Mortgage Refinancing Company (KMRC) a licence.. firm Kobo360 now in Kenya. mortgage through making it easier for banks to access long-term finance for home loans.

(iv) Financing: The GoK has set up the Kenya Mortgage Refinance Company (KMRC), a public-private company that will provide long-term funding to financial institutions to extend loan tenors. KMRC is a wholesale financial institution which will issue bonds in the local capital markets, and with the proceeds, extend long

Debt levels are rising dangerously – reaching 45.9% of GDP in sub-Saharan Africa. China is now the largest single lender to Africa, accounting for about 14% of the debt. It offers fast access to.