See how commercial bank rates compare to KMRC's subsidized 9% affordable housing mortgage, and what it actually takes to qualify. Compare live rates from our listed institutions below.
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Back to Compare CategoriesA mortgage lets you borrow a large sum to buy or build property, repaying it in monthly installments (principal plus interest) over a fixed term — commonly up to 25 years, usually structured so the loan matures before you turn 65. Most banks require a deposit of 10-20% of the property's value upfront, though a few lenders offer up to 105% financing for qualifying borrowers at a higher interest rate.
The Kenya Mortgage Refinance Company (KMRC) is a World Bank-backed facility that channels lower-cost capital through participating banks and SACCOs, letting eligible borrowers access mortgages at around 9% — well below typical commercial bank rates, which often exceed 14%. To qualify, your net monthly income generally needs to be under KES 150,000 in major urban centres (Nairobi, Mombasa, Kisumu, Nakuru) or KES 100,000 elsewhere, and the property must fall under KES 8 million in major urban centres or KES 4 million elsewhere. You'll also need a clean CRB record and an account with a participating bank or SACCO.
Most banks require a deposit of 10-20% of the property's value, though a few lenders offer financing of up to 105% for qualifying borrowers, usually at a higher interest rate.
KMRC (Kenya Mortgage Refinance Company) channels lower-cost capital through participating banks and SACCOs, letting eligible borrowers access rates around 9%. You generally need a net monthly income under KES 150,000 (major urban centres) or KES 100,000 (elsewhere), and the property must be under KES 8 million (major urban centres) or KES 4 million (elsewhere), plus a clean CRB record.
Terms of up to 25 years are common, though most banks structure the loan so it matures before you turn 65, which shortens the maximum term available to older applicants.
Salaried applicants typically need an ID, KRA PIN, 3-6 months of payslips, 6 months of bank statements, and an employment letter. Self-employed applicants typically need 2-3 years of audited financial statements and tax compliance certificates instead. Everyone needs the property's title deed and sale agreement.
A fixed rate stays the same for the agreed period, so your repayment doesn't change. A variable rate can move up or down with the market, which means your monthly repayment can increase or decrease over the life of the loan.
Yes, but the documentation requirements are heavier — typically 2-3 years of audited financial statements, tax compliance certificates, and 6-12 months of business bank statements, since there's no fixed payslip to verify income against.
Beyond the deposit, budget for legal fees, a property valuation fee, stamp duty, and mortgage protection insurance — these can add a meaningful amount on top of the loan itself, so it's worth asking your bank for a full cost breakdown before committing.
This information is for general guidance only and isn't financial advice. Rates, minimums, and terms vary by institution and can change — always confirm current details with the institution directly before making a decision. Read our full disclaimer.