Mortgage Calculator
* This Calculator is a guide to how much you’d pay each month. The exact amount will depend on the type of mortgage and the lender
Disclaimer
- Mortgage loan application requirements will vary, depending on the financial institution lending the mortgage.
- Mortgage calculator provides only a general estimate, is intended for initial information purposes only.
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Mortgage FAQs
A mortgage is a loan. One that’s taken against the value of a property to own or a loan taken to finance the purchase of a property.
Additionally, where a mortgage is involved, you agree to have the lender take away your property from you – if you don’t repay borrowed amount of money plus interest fees within the agreed timeframe.
This is paid to the valuers for the valuation of the property and is based on the value of the property.
This is paid to the advocates for the preparation and registration of the security documents for the loan. It is based on the loan amount.
This is paid to the commissioner of lands for the registration of the transfer on the ownership of title documents on the property. It is based on the price of the property or the value of the property as determined by the Government Valuer.
This is insurance cover taken on the property to cover against fire. Premiums are paid annually to the Insurance company providing the cover and it is based on the value of the property.
This is insurance cover taken to cover customer in the event of death or permanent disability while servicing the loan. It is paid annually and is based on the outstanding loan balance.
This type of Mortgage, has its charged interest constant, throughout the term of loan.
The set rate doesn’t change, from the initial period to the end of its repayment
Also, known as adjustable-rate loan.
With this type of mortgage loan, expect your repayments to have different interest charges.
The relevant interest charge will fluctuate, depending on down payment made, market rates, insurance available, etc.
Most lenders costs includes:
- Transfer stamp duty: 4% of home value or 2% for upcountry
- Stamp duty on charge in %
- Negotiation fees in %
- Legal fees: Typically 0.1 – 4%
- Fire insurance: Typically 0.1 to 5%
- Home loan protection cover: 0.1 to 5%
- Valuation fees: Typically 0.25% of property’s value
- Latest payslip or pension statement
- Employment contract or business registration
- Proof of funds, proving your capacity for down payment
- Copy of lease/title deed of property being purchased
- Copy of National ID/Passport
- Copy of KRA PIN certificate
- Insurance Policy cover on the property
- Mortgage application form
