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How State-linked agency decides who gets affordable housing loans
KMRC says persons in informal sector such as owners of a small hardware, salon, restaurant, bar and shop will primarily need to prove that that they have a source of income enough to repay a loan.
The Kenya Mortgage Refinance Company (KMRC) allows prospective homebuyers to borrow money through their banks or savings and credit cooperative societies (Saccos) at single-digit rates with a repayment period of up to 25 years.
Successful applicants get funding as much as 105 percent of value of the house, higher than an average of 90 percent loan-to-value ratio under commercial terms in the banking industry.
