The government on Monday, October 14 put on sale over 124,000ย affordable housing unitsย that are in various stages of completion. The units are available for purchase via eCitizen portal or the official Boma Yangu Website.[โฆ]CLICK HERE TO READ THE FULL ARTICLEโถ
The announcement was made by Prime Cabinet Secretary Musalia Mudavadi during the opening of Affordable Housing and Urbanization Week 2024 held in Kwale County.
PSC Mudavadi estimated the demand of housing is at 250,000 units annually against the current supply of 50, 000 units.
To meet demand and encourage more Kenyans to purchase the units, theย government expanded mortgage access
from Ksh30,000 to Ksh1,000,000, with as low as Ksh3,000 monthly payments. Hereโs how to apply for affordable units in Kenya:
Step 1: Registration is free however you must have an eCitizen account. You may register through the Boma Yangu web portal or via theย *832#ย USSD.
Complete your profile by submitting your personal details and housing preferences. When you register, your details will be verified by the relevant government agencies. Only Kenyans with Kenyan Citizenship aged above 18 years with a valid National Identity Card are allowed to register.
Step 2:Save a minimum of Ksh200 to activate your account, thereafter you may save any amount as many times as you wish through the existing payment options including via mobile money across all networks, Credit and debit cards, or cash deposit at any of the authorised custodial banks.
Step 3:Select preferred unit. Once registered, you can view all the available projects on Boma Yangu and add those you like to your wish list and select a preferred unit. Selecting a preferred unit will show you how much deposit you would need to save to be eligible for allocation, which is 10 percent of the unitโs value.
Step 4: Allocation of unit. As a registered member, you will be notified when the allocation process starts. After you save an amount equal to the deposit to 10 percent of the preferred unit, you proceed to allocation which is fair and transparent, based on a โfirst past the postโ basis.
If you are not allocated a house due to demand, you will be put a waiting list and prioritized for subsequent allocations. Each Kenyan can benefit from the programme once.
Step 5:Decide Financing Options. You may choose your desired financing option through the Boma Yangu portal such as subsidized home loans by submitting a single mortgage form shared across multiple financiers for pre-qualification.
You may also access the Tenant Purchase Scheme (TPS) which allows you to make payments as rent over an extended period, up to 25 years. Home applicants that qualify for TPS will sign a TPS agreement
Step 6:Homeownership. Home applicants receive a letter of offer detailing available choices of paying off the balance.
For outright purchase (cash sale) or upon getting prequalified for a mortgage, the home applicant will sign a sale agreement. Homeowners will receive the deed and be able to occupy their home upon practical completion of the projectโฆCLICK HERE TO READ MORE ARTICLES>>>
