Bank Financing/Property Purchase loans

Happy New Year! Welcome back to Monday Money Matters with Linda. Today’s topic is crucial for many individuals looking to make one of the most significant investments of their lives – property purchase loans and banking financing.

Here’s a breakdown of the key steps to guide our clients through the process:

1. Identifying Your Preferred Bank:

  • Relationship: Consider your existing relationship with the bank and any membership advantages.
  • Rates: Explore the interest rates offered by different banks.
  • Types of Grants: Investigate any special grants or programs available.

2. Terms and Requirements for Application:

  • Personal Documentation: Prepare necessary personal documents like ID, KRA details.
  • Financial Statements: Provide bank statements, payslips, and employment letters.
  • Self-Employed Individuals: For businesses, ensure existence for at least three years, with audited accounts and relevant business documents.

3. Qualification Process:

  • Land/Property Vetting: The bank will conduct thorough checks, including title deed verification and ascertainment valuation to prevent overvaluation.

4. Loan Approval:

  • Agreed Amount: If everything checks out, the bank will approve and disburse the agreed loan amount.

5. Title Deed Handling:

  • Ownership: Depending on agreements, the title deed might bear your name or the bank’s name alongside yours.

Remember, the goal is to assess your ability to repay the loan and ensure the property’s value aligns with the loan amount.

Get to know more about our new project, watch virtual tour of Oint Country Homes here.

If you have any questions or need further clarification, feel free to ask. Here’s to a successful and financially empowered year ahead!

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