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High fees, titling process hinder mortgage uptake
A 2017 World Bank report showed there is currently a housing deficit of more than two million units, with nearly 61 per cent of urban households living in slums. PHOTO | FILE | NMG
What you need to know:
- Fees charged by parties other than banks, apart from high house and land prices, discourage many Kenyans from buying homes.
Difficulties in acquiring land title deeds and the high cost of legal and survey services are among the top four hurdles to mortgage lending growth in Kenya, a new survey shows.
The survey conducted by the Central Bank of Kenya (CBK) at the end of last year showed that fees charged by parties other than banks, apart from high house and land prices, discourage many Kenyans from buying homes.
