Have you ever dreamed of having your own home in Kenya? Well, now might be the perfect time to consider it! Getting a mortgage, also known as a home loan, can help you turn that dream into a reality. In this article, we’ll talk about some excellent reasons why you should think about applying for a mortgage in Kenya.
1.Favorable Interest Rates
First and foremost, right now, the interest rates for mortgages in Kenya are pretty low. That means if you take a loan to buy a house, you won’t have to pay too much extra money as interest. Additionally, low-interest rates can save you a lot of cash in the long run, making it easier for you to buy a home.
2.Growing Real Estate Market
Moreover, houses in Kenya are getting more valuable over time. This means if you buy a property now, its price is likely to increase in the future. So, if you decide to sell it later, you could make a good profit! Additionally, investing in a home through a mortgage can be a smart move for your future.
3.Many Types of Mortgages to Choose From
Additionally, getting a mortgage doesn’t have to be complicated. There are different types of mortgages in Kenya to suit your needs. Whether you’re buying your first home, investing in property, or looking to upgrade, you can find a mortgage that fits your situation. Moreover, some mortgages have fixed interest rates, some have adjustable rates, and some are more flexible.
4.Long Mortgage Repayment Periods
Paying back a mortgage can take a long time, usually around 15 to 25 years. But that’s a good thing! It means you can spread out the payments over many years, making them more affordable each month. Furthermore, as time goes on, prices tend to go up, so the money you pay back later won’t be worth as much as it is now.
5.Potential Tax Benefits
The government of Kenya encourages people to buy homes by offering tax benefits. When you have a mortgage, you can deduct some of the interest you pay on your loan from your taxes. Moreover, this can lower the amount of taxes you have to pay, which is great for your wallet!
6.Rent Savings and Home Equity
Not to mention, when you rent a house, you spend money each month without getting anything in return. But with a mortgage, every payment you make helps you own a part of your home. Over time, you build something called “home equity,” which is like savings. Furthermore, when you finish paying off the mortgage, you’ll have a valuable asset that belongs to you!
Explore the allure of homeownership in Kenya with a mortgage’s mystical realm. Benefit from low-interest rates, appreciating property values, and flexible options. Bid farewell to renting and embrace a life where payments nurture home equity and tax benefits shine. For more information, email us at firstname.lastname@example.org and unlock your dream of a cherished home.
Also Read Tips for first time mortgage applicants