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Banks, saccos double size of subsidised mortgage to Sh8m

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Kenyan banks have averagely cut mortgage terms by more than a year to 10.9 years, but increased interest rates. FILE PHOTO | FOTOSEARCH

By  CONSTANT MUNDA

Correspondent

A State-backed mortgage refinancing company has doubled the size of subsidised home loans to Sh8 million due to the rising cost of buying houses.

The Kenya Mortgage Refinancing Company (KMRC) also raised the allocation to 105 percent of the value of the purchased home from 90 percent, reducing the need for upfront payment.

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