Owning a home is a dream for many people, but the high cost of housing in Kenya can make it seem like an impossible goal.
Fortunately, Stima Sacco’s affordable mortgage scheme is making homeownership more accessible to Kenyans by offering affordable mortgage options with flexible repayment terms.
The Stima Sacco affordable mortgage scheme under the KMRC banner offers mortgage loans of up to Kshs 8,000,000 with a repayment period of up to 25 years. This makes it possible for people to purchase homes that they may not have been able to afford otherwise.
Additionally, the interest rate for the KMRC-backed mortgage is only 9%, which is significantly lower than many other mortgage options in Kenya. This means that borrowers can save thousands of shillings over the life of their mortgage.
There are many benefits to getting an affordable mortgage through Stima Sacco. One of the most significant benefits is the ability to own a home without breaking the bank. The affordable mortgage scheme allows borrowers to make monthly payments that are manageable and sustainable, even on a tight budget. This means that people can purchase a home without sacrificing their financial stability.
Another benefit of getting an affordable mortgage from Stima Sacco is the flexibility of the repayment terms. The repayment period of up to 25 years allows borrowers to spread out their payments over a longer period, which can help to make their monthly payments more manageable. Additionally, borrowers have the option to make prepayments or lump-sum payments to reduce their principal amount, which can help them to pay off their mortgage faster and save money on interest.
In addition to the financial benefits, there are many emotional benefits to owning a home. Homeownership provides a sense of stability and security that renting cannot offer. When people own their own homes, they have the freedom to make changes and improvements to their properties without worrying about the landlord’s approval. They also have the opportunity to build strong relationships with their neighbors and become more involved in their communities.
Stima Sacco’s affordable mortgage scheme is an excellent opportunity for Kenyans to achieve their dream of homeownership. With flexible repayment terms and a low-interest rate, borrowers can make affordable monthly payments while building equity in their homes. The emotional benefits of homeownership are also significant, providing a sense of stability, security, and community. If you are considering purchasing a home, it is worth looking into Stima Sacco’s affordable mortgage options to see if they are right for you.