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How Do I Qualify For A Mortgage Loan?

Qualifying for a loan can be complicated. But Platinum Homes and Housing Finance are making it easy for Kenyans in Diaspora. Housing Finance looks at income, assets and liabilities. They look at the amount of debt-to-equity ratio, that is the amount of TOTAL debt that you have vs. your TOTAL income that you earn. They look at where your down payment or refinance money is coming from and many other things. They look at your employment history and whether or not you are self employed; what your gross income is and how often you get paid.

How Do I Begin The Process Of Buying/Constructing A Home?

There are lots of options when it comes to purchase/construction of real estate, but the process of acquiring a mortgage is the same. Think about your situation; Would I like to buy or construct? How much of my income can I spare for a mortgage? Where in Kenya do I want to build or buy? Collect as much data as possible then call or email a Housing Finance or Platinum Homes Representative at (913) 963-5118 or info@theplatinumhomes.com .

How Do I Select The Right Real Estate Agent? 

There are lots of Agents in Kenya. Platinum Homes has several agents that it works with in different towns. You can use our affiliate agents or you can ask your family and friends to recommend one that they have used or know.

Do I Need A Lawyer?

Unlike in the USA, in Kenya a lawyer is required in the process of buying a property. A lawyer assists in some aspects of the buying processes especially with the complex paperwork and legal contracts. A lawyer reviews contracts, make you aware of special considerations, and assist you with the closing process.

What Is A Loan To Value (Ltv) How Does It Determine The Size Of My Loan?

The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: with a 80% LTV loan on a home priced at Kshs.1,000,000, you could borrow up to Kshs.800,000 (80% of Kshs.1,000,000), and would have to pay,Kshs.200,000 as a down payment.

What Types Of Loans Are Available?

You can acquire mortgage and land loans tailored to your comfort. There are short -term loans (1-5 yrs), medium-term (5-12 yrs) and long-term (12-20 yrs) mortgage loans. Terms are subject to mortgage-holders age to a maximum of 65 years of age.

Does One Pay Stamp Duty For Construction Loans?

Yes and No. There are two forms of stamp duty.

  1. Stamp Duty on transfer. This is 4% of the property value
  2. On charge. This is 0.01% of property value.

The property value is determined by a government valuer. This is not the price of the property.