Choosing the right mortgage plan is a top priority when beginning the journey to home ownership. The option you choose should fit your unique needs and preferences. At NIC we have a dedicated team of Mortgage specialists to walk with you through the journey towards securing your dream home.
NIC Mortgage offers you a variety of options:
- Equity Release – Financing against your already existing house
- Purchase Financing – Loan that funds to buy a readymade house
- Top-Up – Increase in value of your existing mortgage due to reduction of loan amount or appreciation of property value
- Balance Transfer/Refinance -Transfer of an existing mortgage from one financier to another
- Construction Finance – Loan that funds the building of a residential home or residence
- Plot Purchase – Financing to buy vacant land
- Up to 90% financing for Kenyan residents and 70% financing for Kenyans in the diaspora
- Mortgage Protection Insurance (MPI) cover that takes care of retrenchment, death and disability and social perils cover included
- Competitive Interest rates
- Flexible repayment periods of up to 20 years
- No penalty for early repayment
- Available to both Kenyan citizens and non-Kenyan permanent residents
- We arrange for valuation and legal processes by bank-appointed service providers
- Joint applications allowed
- Minimum amount of KES 1 million. Maximum amount is based on your ability to repay.
- Interest is charged on a reducing balance basis
- A completed and signed Mortgage application form
- Your Original ID/Passport (plus copies)
- 6 months certified bank statement
- 3 months pay slips
- Sale agreement or letter of offer( for purchase mortgage only)
- Letter of introduction from employer
Cost associated with Mortgage
- Arrangement fee
- Legal Fee
- Valuation fee
- Stamp duty on Transfer
- Stamp duty on Charge
- Insurance
