The Cooperative Bank of Kenya has now introduced low-interest mortgages to facilitate prospective home owners achieve their lifetime dreams.
Under the new property ownership product, bank clients can access up to Sh6million financing and credit line at a minimal interest rate of 9.9 per cent on reducing balance.
However, those eligible must be salaried or are business owners.
“Great news for individuals and couples who want to become homeowners! Cooperative Bank is offering mortgages at a low-interest rate of 9.9 per cent on reducing balance.” An update by the bank reads in part.
Home ownership is among the top social security priorities that majority or urban dwellers seek to achieve to avoid the monthly rent commitments.
“You can borrow up to Sh6million to buy or build a home in any part of Kenya and we’ll finance up to 90 per cent of the property price or value. For more information, visit your nearest Co-op Bank branch, email firstname.lastname@example.org or click here.” The notice adds in part.
Under the arrangement, the beneficial clients can either buy a house or buy a plot and build on it and the bank aims to finance 90 per cent of the property price or value.
Consequently, the beneficiaries will have a maximum repayment period is 15 years for employed applicants and 10 years for self-employed.
Further, the beneficiaries can either apply jointly with your spouse, as long as your combined household income is Sh150,000 or below.
However, each applicant must have an active Cooperative Bank salary or business account which is at least six months old.