Co-operative Bank is at the forefront of mortgage provision in the country.
According to the bank, Good Home Mortgages is the arm of Co-operative Bank that provides affordable mortgages with various features that are tailored to suit individual and corporate needs as well as make loan repayments more comfortable.
As more Kenyans take measures to achieve their resident goals, more banks and companies in Kenya are expanding their mortgage lending.
Mortgage financing bring about interest income, cross selling opportunities, ‘market penetration and development, product development, customer loyalty to the bank due to the long term nature of mortgage finance, higher customer satisfaction by offering several financial solutions alongside mortgage financing and the general growth of the bank.
Through Good Home Mortgage, clients can access bank-approved properties for residential and commercial use.
It is a one-stop shop that will serve the twin purpose of giving developers financed by the bank a ready market for their properties, while at the same time giving buyers a wide range of properties to choose from.
The hub will also provide access to financing through the GoodHome Mortgage which is available in all major currencies to Kenyan Individuals, SMEs, Corporate companies and Co-operatives including those in the Diaspora.
Requirements for one to acquire the mortgage are; commitment fees for the mortgage, stamp duty for transfer of property – 4 per cent of property value for Nairobi, Mombasa and Kisumu and 2 per cent of property value for upcountry properties and stamp duty for registration of charge – 0.1 per cent of the loan amount.
Additionally, legal fees – between 1.5per cent and 2 per cent of the loan amount, valuation fees – approximately 0.25 per cent of the property value and insurance fees for life cover over the applicant’s life and for fire (and other perils) over the property taken as security for the mortgage.