New Housing Fund Regulations to Include Higher Income Brackets
The government has reversed gear on its earlier decision to exclude Kenyans earning more than KSh. 100,000 a month from benefiting in the affordable housing program.
In the new regulations, those earning more than KSh. 100,000 will also be allowed the opportunity to access affordable housing by drawing funds from contributions in the Housing Development Fund.
Earlier guidelines on this income bracket had been to refund individuals contributions plus interest in the Housing Development Fund after a period of 15 years. However, the newly published guidelines will now allow individuals to apply for mortgages on their savings, at an annual interest of 7 per cent.
SOURCE: EstateCloud Kenya.