Chinese, Qataris commit to building 300,000 houses in Kenya

[MK254]

For a one bedroom house will cost around kshs 900,000 payable as monthly rent for 25 years. That makes it (900,000/(25*12)) for monthly payment which is kshs 3000 monthly.

Those who will not get any of the 200,000 houses to be built every year until 2022 or do not want the GOK houses, will also have a chance to get mortgages at very low rates from the GOK owned Kenya Mortgage Refinancing Company.

By the way, suppose am living in my own house that I've built in my land, can I still benefit, I want to apply if they will have four bedrooms houses.

 

[Kevin85ify]

By the way, suppose am living in my own house that I've built in my land, can I still benefit, I want to apply if they will have four bedrooms houses.

Yes you can but I think(I need to verify this), those who own houses already like you and I do, will not be given first priority. Ultimately the aim is to eliminate slums, but for you and I we can approach banks and saccos to get loans guaranteed by the Kenya Mortgage Refinancing Company, which will bring down your interest rate to single digit while stretching the loan to 25 years.

 

[MK254]

Yes you can but I think(I need to verify this), those who own houses already like you and I do, will not be given first priority. Ultimately the aim is to eliminate slums, but for you and I we can approach banks and saccos to get loans guaranteed by the Kenya Mortgage Refinancing Company, which will bring down your interest rate to single digit while stretching the loan to 25 years.

Yeah, that's fair but I believe most low-income earners will go for one to two bedrooms, leaving the three or four bedrooms for others to apply for. A single digit interest rate spread to 25 years is the best deal ever, this is damn good.
I will apply for one outside Nairobi, some quiet town, am damn sick of bustles in the city.