Will fixed rate solve Kenya's big home ownership riddle?
Nairobi, Feb. 28 -- You best believe it--you can now own a home valued at Sh1 million by paying Sh8,700 per month for a period of 25 years at a 9.5 percent fixed interest rate.
For those with slightly deeper pockets, Sh70, 000 a month for a similar period and interest will see you secure a house worth about Sh8 million.
Already, about 3,000 Kenyans have benefited from Kenya Mortgage Refinance Company (KMRC) offerings. KMRC is the local equivalent of Fannie Mae or Freddie Mac-US government outfits tasked with deepening home ownership among those in the lower economic strata.
But for a country of 56 million people, property experts say that the number is an insignificant drop in the ocean and that for impact, the KMRC efforts need to be ...
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