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Cocktail of misdeeds plague Kenyans' home-owning dream - 5 days ago, 09:36

Mary Wambui Vinc ...

The news that Urithi Cooperative Society and Suraya Properties Limited have run into headwinds has added more Kenyans to a rapidly increasing list of investors whose wish to own homes has turned to a nightmare.

With an average home loan size standing at Sh10.9 million, repayable in 12 years, according to Central Bank data, very few Kenyans can afford to own a home through bank financing or by constructing using their own cash.

A good number opt to save and access loans through saccos. Buying off plan, which entails acquiring a property when it is still under construction in order to get discounts, has also become a popular option lately.

Buying a house off-plan also allows for flexible payment as all one needs is a deposit, which is usually 10 to 20 per cent of the purchase price.

MISDEEDS

The rest of the amount is either paid upon completion, or in flexible periodic instalments. ...
Read More


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