Why pay rent when you can own your home at the same monthly pay?

[@geoffreyogaro5727]

Ksh 8500 per month = ksh 102 000 annually. Assume the upfront cost is 1million At conservative interest of 10%= 100k per year as interest. Your rent(8500) cant even cover the interest costs The GOK should address the interest rates. Untill they are below 5%, mortgage in kenya is an illusion for majority.

[@rosemumbua8817]

True. That's why it's possible for Kenyans to buy a house in USA. The interest rates are manageable. All my friends in USA own homes.

[@nyamburant]

This is AMAZING!! I am moving out of home in a month and I was looking into rent to own options bc I think renting is pouring money down the drain. I am definitely going to look into it ASAP!! I have even shared this video with my friends who are also moving out

[@aliciangatia2307]

did you manage to get rent to own please advice

[@GospelOutside]

I agree, but sadly you will never truly own any home when property tax is tied to it. If a day comes where you aren’t able to pay, a tax or sheriff sale will be imminent.

[@kimikikiliki2923]

This is a good idea What about us living in diaspora?

[@kibetdan5577]

Terryanne is a real woman. tHIS IS A SPOT ON. I would like to have an interview with you to market my start-up. Thank you my Siz.

[@bracketvilletexas]

I'm sorry but you don't own your home until it is fully paid for. what you are doing LEASING from the bank. and pray you to stay 30 years or 15 if you double your mortgage payments. so keep that in mind the same principles you miss your payment just as the rent you will be set out. either way rent leases are the same you do not get any of the money back.... and guess what? your credit is screwed REALITY TALK

[@Claireayoo]

Exactly

[@jelagatkoimur1038]

This is the bit they don't want to bring to the fore,nkt!

[@ben2252]

You are right and remember in mortgage you end up owning a property unlike paying rent.

[@georgeodhiambo598]

Is there anything you can own until you fully pay for it? What you own in the house (your equity) is the value of the house less outstanding mortgage. The same applies to a car you purchase on loan, or some expensive electronic gadget you acquire on credit, etc. Most "upright" financial institutions require that you take and pay for an life insurance policy for the period of the mortgage, just in case you happen to be "not there" before you complete repaying the loan. Indeed they take the policy on your behalf and lump monthly life insurance policy instalments (in addition to another policy for the house) during the life of the mortgage. Banks are primarily in the business of selling loans. Selling houses on mortgage default is just not their kind of thing.

[@mbeticate]

Thanks for clarification,the side they don't tell us

[@AbieBarbie]

Loved every bit of the conversation 🙌🏾🙌🏾🙌🏾

[@waceera1513]

😊pls tell us how we can join from diaspora

[@christimlenson3870]

Ooo my Goodness mortgages is like insurance ukishidwa kulipa unapoteza everything 🙆🙆

[@georgeodhiambo598]

No. You don't lose everything. You have your equity in a house on mortgage. In case you fail to pay the mortgage, your equity is your right.

[@TwinkleToes_2001]

@@georgeodhiambo598 What do you mean by equity?

[@georgeodhiambo598]

​@@TwinkleToes_2001Your equity in an asset is the value of the asset less loans on the same asset. Suppose you buy a house valued at Shs 5 million and you pay shs 1 million with balance of Shs 4 million, then at that point in time of sale, your equity in that house is only Shs 1 million and the debt is Shs 4 million. 3 years later you may wish to review the financial position of that asset. Suppose that at that point in time the value of the house has risen to Shs 7 million and you have reduced the loan balance from 4million to 3million, then your equity in that house will have risen to 7-3 = 4million.

[@julie4977]

Good topic Terryanne 👏, what about diaspora people?

[@ruthiethuku.3166]

The is Soo informative... Thank you Terry!!!

[@mayeganfriends6678]

wow!!! Knowledge and information is power

[@jaynekim6274]

Which are some of the Sacco's that one can access the mogage

[@gogetta723]

These homes that have no title deeds, the certificate is owned by the company, and this issue of its for 100 years! What happens after 100 years? Also service charges. Where will you get service charge after retirement?.

[@georgeodhiambo598]

That's the old arrangement and even the old ones which were sold under sub-leases will be issued with titles as the head titles which were retained by the developers are revoked. The law has been amended and registration of sectional apartments can now only be under the new Sectional Properties Act under which apartments will have title deeds and the head titles that used to be retained by the developers are revoked. 100 year lease is not unique to flats. Virtually all properties in towns are on 100 year leaseholds. Some are even as short as 50 years. And it applies to apartments as well as bungalows, mansions and maisonettes! Freeholds are found in rural settings.

[@karenmuthoki9611]

Title is mandatory.

[@rosemumbua8817]

Lemme build my little maskan pole pole on freehold land with no unnecessary debts. As the wise say, the devil is in the details. Kenya has many new financial laws which uhuru signed. So be very careful. Don't fall for public relations on KZbin.

[@olivegitau9900]

This is not public relations…..very real. This KMRC home loan through the participating Banks and Saccos is for both buying or constructing a home.

[@prettynyakano6638]

What about someone who earns 30k per mth

[@waceera1513]

Terryan are you able to revisit this issue

[@trendinghots1571]

Superb content

[@mayanniesaru4325]

Good morning do you hv any project at the moment

[@elizabethwanjiru728]

Very informative..

[@hukuyukei]

This guy thinks people dont know MATH, Fixed interest rate pf 9% annually that is 270,000/= extra every year, amd he is downplaying it ati 8,500 per year, this is questionable

[@SamuelMwangi-i7d]

What about getting a loan from the bank

[@hukuyukei]

@@SamuelMwangi-i7d Banks might be cheaper because currently all Kenyan banks charge a maximum of 13.5% reducing balance interest. These guys are charging 9% flat rate which is equivalent to 17% interest on reducing balance, which is much higher than banks. Save your money and build a house bits by bits.

[@SamuelMwangi-i7d]

@@hukuyukei how did you get to 17%

[@SamuelMwangi-i7d]

@@hukuyukei let's say it 8500 per month * 12 month *15 years= 1.55 million Per month you pay 8500+ ksh 1200 interest till the end of 15 years but not considered reducing balance?Am I missing something?

[@trizerachieng4881]

@@hukuyukei very true

[@justajustah9809]

Where can we get this please

[@kahugumuiruri9057]

KMRC will lend to my Sacco which has in turn advanced me at 12% plus. So the single digit mortgage here is non existent. Also, he says its on approved houses if i gopt him right. KMRC has no resources to onlend to shift the market.

[@waceera1513]

Thanks Terryann❤

[@mayanniesaru4325]

Kindly where are KRC

[@johna.4869]

Location ?

[@MaryOdhiambo-qx6pw]

47 counties where is it in busia?

[@epiclearntime8185]

Say no to bigger debts, you'll be carried away for no reason

[@denisaunga524]

Thank's so much for this information.

[@aliasgartopiwala2586]

So basically for 1 m loan I pay 2.55 m over 25 years, it gives affordability at the cost of a lifetime of labor

[@TerryanneChebetOfficial]

What would you have paid as rent for the same period?

[@MsHeavensent]

Obviously the property value will have gone up by the end of the 25years. Sounds like a deal.

[@j9_njoroge]

Cool 😎

[@patopato1754]

Help me get one of 30000

[@brendamazibuko8456]

Is it only Kenyas?

[@karenmuthoki9611]

If you work outside Kenya and have your HR seated in Kenya,you can own.If you are carrying out business as a Kenyan in the diaspora,you can own

[@florahsoila]

awesome

[@REALJANET1Vlogs]

1st here because why not.

[@JohnMwangi-jv3pp]

No photos of th houses pls ,

[@karenmuthoki9611]

Google Kings Serenity it's one of them

[@peterkariuki9073]

All that glitters is gold? I think No!

[@waruindegwa7270]

Sometimes you people bring good debates but in the real sense is somehow not practical due to the ailing high taxes

[@epiclearntime8185]

Embarrassments are always available in debt

[@loycekerubo4952]

Me.. noooo

[@Drjarso]

Any bussiness with interest is just useless venture.Its way of making many people poor at long time

[@velmaagronomist538]

Am the first today

[@esthermuthoni896]

♥️♥️♥️

[@fredTek]

Bhangi

[@jeremyclark3843]

pr໐๓໐Ş๓