As a Kenyan abroad, all of HFC products are accessible to you; our mortgages are offered at very attractive interest rates. We usually finance up to 85% the value of the property of choice for a maximum period of 15 years.
Below are some of the frequently asked questions on our mortgage products for the Kenyans in the diaspora.
What documents does your bank require for processing home loans? Are any of these documents specific for the Kenyans in the Diaspora?
We generally finance up to 85% of the property value, with a repayment term of up to 15 years. To be able to put in your loan application, we would require the following:
- 3 months latest pay slips
- 6 months latest bank statements (of foreign account)
- Copy of your passport
- Copy of work permit / residency permit
- Employment contract
- Letter of introduction from employer covering: designation, income, retirement age, terms of employment (contract/permanent) and allowances.
- Registered power of attorney
- Fill in application form
If you have already identified your property of choice, kindly provide:
- Sale agreement / draft
- Sale agreement / letter of offer
- Copy of title
- Payment of valuation fees as will be advised
Once we receive the above, we will be able to start processing your application and update you on the approval status (I.e. if your loan is approved or otherwise).
Please note additional costs / amounts (Commitment fee, Stamp Duty, Legal fees and amounts required in savings account) required during the transactions which are at 9% of the property value.
How can a home buyer in the Diaspora secure mortgage finance from a mortgage house in Kenya?
In relation to the above, documents and application forms for loan processing may be couriered directly to HFC. We will then provide updates on the loan progress via email. Once the loan is approved, an offer letter may be sent directly to the customer (if no Power of Attorney is available)
Do you have any special mortgage finance product for Kenyans in the diaspora?
No we don’t - We have however enhanced our product features in view of the special circumstances and needs of Kenyans in the Diaspora.
As a Kenyan in the Diaspora, I find it cheaper to get a mortgage from foreign banks. Does your bank lend in hard currency, say Dollars ($) or Pounds (£)? And what would be the interest rates applicable?
At the moment we don’t lend in foreign currency. The rate applicable is based term of borrowing. The rates currently is at 14% p.a.
Are Kenyans in the Diaspora expected to pay higher deposits in order to secure mortgage finance?
No. The deposit required is at least 15%. One is also required to raise the additional costs -i.e. valuation fees, stamp duty, legal fees etc. which are approximately 9% of the property value.