• Mortgage in Mombasa

    We at KRUSS Properties Mombasa are working with major mortgage providers in Mombasa (not only mortgage by banking institutions, but also financing options directly from the owners) in order to provide you a mortgage product that is specially designed to address cost effectiveness and convenience in an effort to acquire a property.

    Our mortgage and property loans in Mombasa are designed for:

    • Purchase of a new or existing residential property
    • Purchase of undeveloped plot or land
    • Construction of a residential property on previously purchased land
    • Financing the purchase of a unit being built by a reputable developer
    • Renovation, repair or extension of an existing property

    Some of the mortgage features are:

    • Up to 80% finance of the purchase price or market price (whichever is lower).
    • Maximum repayment period is 15 years
    • Interests on reducing basis
    • Security is to be the property to be purchased

    Repayment of mortage

    • Calculated and compared to applicant’s source of income.
    • If applicants are joint, then their joint incomes are combined
    • The loan repayment should not exceed 35% of the applicant’s take home pay (net income)

    Documents required for Mortgage Application (might vary slightly for some banks)

    • Duly completed mortgage Application Form
    • Copy of Sale Agreement or Allotment Letter
    • Proof of income (If individual, 3 month’s payslips. If self-employed or company, Audited Accounts for the last 3 years)
    • 6 months Bank Statements
    • If married, copy of Marriage Certificate
    • Valuation Report for the property

    Expenses to be incurred within Mortgage Application process

    • Valuation Fees (Guiding costs are about Kshs 55,000/- for a value of Kshs 15 million and Kshs 90,000/- for Kshs 30 million)
    • Domestic Insurance Cover (Guiding costs are about Ksh 18,950/- for Kshs 15 million and Kshs 37,700/- for Kshs 30 million)
    • There are no hidden charges