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+254 704 205 565
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info@mansionrealestate
group.co.ke
Mansion Real Estate Group
Our Location:
Occidental Plaza, 3rd Floor, Westlands, Nairobi, KENYA
Operating Hours:
Monday - Saturday
8.30am - 7.00pm
To a lot of people, having a real estate portfolio is the ultimate dream. In fact, many of the world’s most affluent individuals acquired their wealth through real estate investments. The process can seem daunting and complicated however if you work with professionals it can be easy as 123! Below are the three most commonly used purchasing methods in Kenya and the steps to generally follow when employing each one.

Cash

  1. The buyer fills out the intent to purchase/booking form which includes light bio data information, purchase price and unit to be purchased.
  2. The buyer pays the initial deposit amount which is usually minimally 10% but can vary from one developer to the next.
  3. After the sale agreement is filled out, the buyer pays a further deposit of 10% to 30% of the purchase price.
  4. The buyer clears the balance with a lump sum payment or pays in monthly installments usually 3-24 months.
  5. The buyer then receives the deed of title after settling any transfer of title costs.

Mortgage

  1. The buyer fills out the intent to purchase/booking form which includes light bio – data information, purchase price and unit to be purchased.
  2. The borrower pays the deposit amount which is usually minimally 10% but can vary from one developer to the next.
  3. The borrower approaches their preferred lender, presents their purchase/booking form and applies for a mortgage.
  4. After the lender and borrower agree on the mortgage terms, with the loan term usually being 5-30 years, the lender proceeds to pay the seller the balance of the purchase price.
  5. Once the borrower finishes making the monthly payments, the deed of title is issued after settling any transfer of title costs.

Tenant Purchase Scheme (TPS)

This is an arrangement where the home buyer becomes an occupant and tenant at the same time. The monthly rental payments go towards paying off the purchase price over an agreed period of time and interest rate. Though not common, these schemes are gaining popularity in Kenya especially for lower priced purchases.

  1. The buyer fills out the intent to purchase/booking form which includes light bio data information, purchase price and unit to be purchased.
  2. The borrower pays the deposit amount which is usually minimally 10% but can vary from one developer to the next.
  3. The borrower approaches their preferred lender, presents their purchase/booking form and applies for a TPS.
  4. Temporary ownership is transferred in the form of a lease. The tenant then moves in and begins making monthly rent payments towards home ownership..
  5. Once the borrower finishes making the monthly payments, the deed of title is issued after settling any transfer of title costs.
At MREG we have partnered with Kenya’s leading financial institutions so as to offer a broad range of financial services to suit our client’s needs. Our partners can issue a mortgage in as little as 48 hours! Please get in touch to see how we can help you achieve your property ownership goals.

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