Diaspora frequently asked questions on Mortgages

What mortgage products do I qualify for while in abroad?

At Housing Finance we have products for non-resident Kenyans or foreigners who would like to enjoy the banking services and products provided in Kenya.

We have a wide range of mortgage products available to you. These include property (plot, apartments, and houses) purchase, construction of residential and commercial houses and much more.
We can finance up to 85% the price of the property.

If I have already changed citizenship, do I qualify for a mortgage?

Yes you do. Under the new Kenyan constitution, dual citizenship is allowed.

As long as you have a valid Kenyan passport and a valid foreign passport you can apply for a mortgage.

Can I start saving for a mortgage while abroad?

Yes. There are savings accounts targeting those who would like to save towards owning a home. Such accounts include but are not limited to the following:

The Crossover Savings Account is an account that offers you very attractive features that enable you to save for long term projects such as home ownership or any other dreams you have in mind.  These features include earning high interests on the deposit made to the account, earn loyalty points on every deposit made into the account, access to 100% mortgage financing, up to 25% discount on commitment fees, up to 2% discount on mortgage interest when applying for a mortgage loan and much  more.

The Housing Development Bond (HDB) on the other hand is also good for those who want to set aside money for putting up a home. The HDB requires a minimum of Kshs 50,000 and offers a saving of 5% on withholding tax. HDB gives you the flexibility of savings and withdrawal in case there is an urgent need for the money.

What is the process of applying for a mortgage?

The first step towards applying for a mortgage is to provide your income details to us i.e. net income, living expenses, rental income (if any).  We will appraise you and advice on the loan amount you would qualify for. This will enable you to budget and look for a property that you can comfortably pay for.

Once you have identified a property, you will need to submit your full application to us for approval. On approval, we will give you an offer letter which you need to accept by signing and return to us.

How do I construct when away?

This can be done in two ways; Makao and through our construction product.

Makao is a product that offers a one stop solution for people who aspire to construct residential properties without going through the hassles of construction. There are pre-designed house types to choose from depending on your wallet size. All you need to do is provide your income documentation for pre-appraisal and sign up for the prototype of choice. The house will be delivered on your plot complete with keys and a house manual after a pre-determined period.

Alternatively, you can choose a team of professionals to carry out your construction. HF has an in-house team to vet and oversee the project to ensure the construction is done to detail. The funds are disbursed in stages after thorough site inspections are done.

As a developer in the Diaspora, how would HF assist me?

HF would finance you in developing the project under our construction product(s).

We would also market and sell the houses through our Property Point and finally provide mortgage to the end buyers of the project.

  

I work for an international organization on contract. Is it possible for me to still qualify for a mortgage?

Yes. When considering your application, we would look at several factors such as the stability of the organization, your profession within the organization, duration you have worked with the organization and number of renewed contracts.

We also consider your other sources of income e.g. rental income in Kenya and spouses income.

How do I get more information?

Visit our website Diaspora section www.housing.co.ke or write to us on propertypoint@housing.co.ke or diaspora@housing.co.ke or call us on 3262000/ 3262364/ 3262389