How homeowners end up with property valued less than loan
Nairobi, Feb. 21 -- When Joe Kariuki's fortunes changed after a handsome bonus in a particularly bumpy returns season in 2018, he did what any sound investment-conscious person would do; cement and diversify his income revenue streams even further.
Mr Kariuki used the money as a downpayment for a second three-bedroom apartment in Nairobi's Kilimani.
For Sh14.35 million in a market where a three-bedroom unit was averaging Sh18.5 million, he thought he had landed a deal.
He put the 10 percent down payment and secured a mortgage with a local bank for the rest of the financing.
Little did Mr Kariuki know that he was going down a rabbit hole that would prove to be a constant pain in the backside.
Mr Kariuki was required to pay roughly Sh2...
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