For you to be eligible for a house under the government’s affordable housing plan, you will need to have saved 12.5 per cent of the total value of the house.
Therefore, acquiring the cheapest house will cost you Sh75,000 whereas the most expensive house will cost Sh375,000 at the initial stage.
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The cheapest social house will be valued at Sh600,000 which is a one-room house. The other social house is a two-room home valued at S800,000.
In the affordable housing plan, a bedsitter will cost the least at Sh800,000 whereas a three-bedroom house will be the most expensive amounting to Sh3 million.
Those who purchase the houses will be given up to 25 years to clear their balances and they’ll incur a 3 to 7 per cent interest.
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Other than saving 12.5 per cent of the total value of a house, one will need to register and complete their profile on ‘bomayangu.go.ke ‘. The information one provides has to be authentic.
To increase your chances of acquiring a house, consistency in saving up is key.
The Affordable Housing Project is part of the government’s big four agenda and its aim is to provide decent and affordable houses to low and middle-income earners. The government is targeting 500,000 homeowners. So far, 238, 832 Kenyans have signed up.