Why are mortgage interest rates this high in our dear country?

To buy a 3-bedroom house or an apartment ( or whatever) even in a third-rate places like Athi river, I need 10M and above, going by what I see in real estate sites. If I take a mortgage for this with KCB for 30 years, the monthly repayment will be 121K. At the end of 30 years, I will have paid about 43M. Many people in formal employment in this country cant afford this, even in two life times. Or it is me who think it is a lot? May be I should start planning retirement far away from the city.http://www.kevinandamanda.com/whatsnew/wp-content/uploads/2012/10/new-house-1.jpg http://wac.450f.edgecastcdn.net/80450F/1061evansville.com/files/2013/02/Rosanne-House1-630x472.jpg

uliza serekal

Just buy a plot. 2m in kitengela or syokimau. Or 1m along Kangundo road or Rongai. With 5M you will build a 5 bedroom maisonette on 50 by 100. Fanya hesabu boss. Contact me i organize for you mafundi hawatakuimbia

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Boss. A mortgage is one big mistake. Don’t think about it


Athi River is third rate kweli?

Fuata maagizo ya @Leo Mwangih you won’t regret

Still that add up to about 8M or you mean 5M includes the plot?

5 bedroom house kwa 50 by 100 hukaa kama momo anasqueeze kwa nguo ya mtoi.

5M will give you the smallest 5 bedroom mansionette South of Sahara and North of Limpopo

Owning a house is a basic need…we all need a place to call home.

Incorrect. owning a house is not a basic need

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Living in a house is a basic need.

Also not correct. having a shelter is a basic need

Mortgage loan ni ya wachache (extremely rich). As per this research>> http://siteresources.worldbank.org/FINANCIALSECTOR/Resources/Kenya_Expanding_Mortgage_Finance_May_2011.pdf
We have 13000 mortgages worth 61billion as at 2010. Even heard from a TV interview that its around 10K
Yaani wakiitisha mkutano pale Nyayo Stadium hawatafikisha hata 1/3 of its capacity. na hiyo ni Kenya yote.