I would like to take a mortgage. I was told mortgage interest rates ya dollars is not more than 5%. What are the pros and cons of mortgage in Kenya?
DONT
Wachana nayo hio kitu ni yoke unaweka kwa shingo.
Interest depends on the economy ikiwa mbaya u pay more.
Tafuta ploti mihang’o ujengee.
Mortgage = death pledge
eish wadau nimesikia. though i didn’t want a very expensive house, kitu 4.5 to 5 m hapo na interest ya 5% coz my income is in dollars.
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You have been advised. What you do with the advice is your own shauris.
But seriously like a majority of talkers it seems you have made up your mind and you are only looking for validation.
4.5m go buy a plot Utawala for 1.5m 50 by 50. Make nyumba ya 2.5m with a parking lot. Na ukununue kadudu kakuchapana na jam.
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Buy land alafu uanze mjengo pole pole… live debt free.
I like yeast
If your income is in dollars, I think the dollar interest rate will be about 6%. Sign up for it but make sure there are no hidden charges, closing costs and convince the seller to accept payment in dollars.
Bila lube
Hii statement tuliona before @amechoka a conceive the mortgage idea
What mortgage is this at 5%. Can you explain? @nimechoka .
Personally t think that a mortgage of less than 8 % is reasonable. Not the best choice but reasonable. This should be your upper boundary though.
5%, 5 m is about 250k in interest alone per year, give or take. That’s 20k a month in interest alone. Not too bad if you construct the house and move within 6- 8 months and cut out your current rent.
Yes, my income is in dollars, thanks. I will look into the hidden issues.
If your income is in dollars (however the bank asks to see your contract/source of income) the mortgage is 6% or less compared to kshs which I know iko huko 18%. I am thinking of taking a loan instead
niko nayo but in a sort of remote place. I want to wait till the place develops a bit before I build otherwise naona nitatembelewa kila siku if i choose to build now. In the meantime I don’t mind buying an apartment like ya 4.5 or 5m.
Utawala at only 1.5m for a 50x100??? No way.