Banks provide loan against mortgage of property on an attractive rate of interest. Businessmen, self employed professionals, salaried customers are all eligible to apply for the loan. It enables the borrower to apply for loan against a fixed asset.
Maximum Amount of Mortgage Loans Offered:
The maximum amount of loan depends on a number of factors, like customer's profile, his financial standing and repayment capacity, tenure of the loan. The repayment tenure increases or decreases with the amount of loan. Repayment is done through Equated Monthly Installments or EMI.
Interest Charged by Banks on Mortgage Loans:
Interest can be paid either on fixed or floating basis. Banks charge prime lending rate as their interest. Interest rate can be discounted for existing clients or in special cases according to the policies of the bank.
Process of Mortgage Loans Approval:
Customers can apply for mortgage loans by filling an online form. They can also visit the nearest branch of a particular bank. Normally, banks charge 1-2% of the actual loan amount as processing fee.
Documents Required for Approval of Mortgage Loans: Salaried Individuals:
Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
* Terms and conditions may vary from bank to bank.
View Comments
By Charles O . Opiyo (on Nov 16, 2011 12:58 PM)
I am a Kenyan citizen,civil servant and have a plot and would like to get loan to construct a home.I am in Nairobi ,and would really appreciate if I can obtain the resources which can assist me and I attach my monthly rental charge to the bank or any amount that will be deemed by the bank.
