For Kenyan nationals abroad or foreign investors, securing off-plan apartments in Kenya is fully achievable with local mortgage financing. For Kenyan diaspora investment, this means you can leverage foreign earnings to qualify for a Kenyan home loan. Local banks now structure mortgage financing in Kenya to include diaspora clients – even if your salary is in dollars or euros, lenders will consider it when pre-approving a loan. In practice, buyers pay an upfront deposit (typically around 20–30% of the purchase price) upon signing the sales agreement, and the bank finances the balance upon completion of the project. After approval, the bank issues a loan offer letter confirming the amount. You hold this offer letter until the project is complete, ensuring the funds are reserved for your off-plan purchase.
Off-Plan Mortgage Requirements and Process
- Long Terms: Kenyan mortgages often allow repayment over 20–25 years, which lowers monthly payments for diaspora buyers. This extended period lets the property appreciate in value as you pay it off.
- Deposit: Banks typically require a down payment of about 20–30%. This is paid when signing the agreement for the off-plan apartment.
- Documentation: You’ll need to provide standard paperwork – Kenyan ID or passport, KRA PIN, credit report, and income proof (bank statements, payslips or audited accounts). Banks accept foreign income statements, so earning abroad is fine.
- Loan Offer Letter: Once your application is vetted, the bank issues a formal offer letter stating the approved loan amount. This letter is held until construction is finished and then the bank disburses the funds against your property.
One key advantage is the long repayment period. Banks commonly allow loans up to 25 years, meaning your monthly repayments stay manageable while your equity grows. This lets off-plan investors lock in today’s price and pay it off gradually as the project completes. Over time the property value often rises, so even as you repay, your investment appreciates.
Mortgage Options for Foreign Investors
Non-resident foreigners can also pursue Kenyan mortgages, but with stricter criteria. Some Kenyan banks offer real estate financing to foreign investors, meaning real estate for foreign investors in Kenya can come with mortgage options. However, lenders demand a stronger down payment (often higher than 30%) and robust proof of income. You may need a local co-signer or additional collateral. International banks with Kenyan branches or joint ventures with local partners can also facilitate financing. In all cases, expect anti-money laundering checks and a thorough evaluation of the investment plan.
Getting Started – Contact Us
Ready to begin? Contact our team today to be connected with a local bank official. We’ll guide you through the mortgage pre-approval process, helping you gather the required documents and understand each step. With our assistance, you can navigate the local lending landscape confidently and secure financing for your off-plan apartment in Kenya.
Contact us now +254729678773 to start your journey toward home ownership with a Kenyan mortgage from abroad!
