Frequently Asked Questions

General FAQs

Yes, we do allow joint applications for a mortgage.

The house being bought will serve as security for the mortgage.

Yes. The bank may accept an apartment as security for a mortgage, provided the apartment has a sublease on the land it sits on. In Kenya, this is acceptable proof of ownership which a bank may charge as security for a mortgage.

Yes, we have land, residential and commercial properties in different regions within Kenya

Yes, anyone can buy property advertised by Co-operative Bank Mortgage Property hub and we would wish to offer you any other banking solutions to suit your needs.

  1. Commitment fees for the mortgage
  2. Stamp duty for transfer of property – 4% of property value for Nairobi, Mombasa and Kisumu and 2% of property value for upcountry properties
  3. Stamp duty for registration of charge – 0.1% of the loan amount
  4. Legal fees – between 1.5% and 2% of the loan amount
  5. Valuation fees – approximately 0.25% of the property value
  6. Insurance fees – for life cover over the applicant’s life and for fire (and other perils) over the property taken as security for the mortgage

No, all properties marketed through Co-operative Bank Mortgage Property Hub are sold on Private Treaty agreement i.e. willing buyer and willing seller.

Yes, Kenyans living in the diaspora can purchase the marketed properties

Feel free to reach us via provided contacts for the property hub to arrange a site visit to your convenience.

One can pay cash (self-financing) or through mortgage(bank financing)

Enwealth FAQs
Both employed and self-employed members of a pension scheme are eligible to access this product provided they intend to acquire a residential house that is ready for occupancy.
This product only applies when buying a residential house. The product does not apply for commercial property at all.
This product does not apply for construction of a residential house.

This product allows for joint applications for spouses under the same or different pension schemes. It does not allow for joint applications for siblings, a parent & child, or any other kind of relation/partnership apart from spouses.

This is to ensure that the 40% of accessed pension funds are not diverted but fully utilized into acquisition of a residential house and to avoid transfer of the house to a third party
The member/buyer caters for the cost of charging the property to the pension scheme too.
There are no penalties for early redemption and accelerated loan repayment. If anything, the member gets to save by redeeming their loan early since interest payable within the shortened period lowers significantly.
This facility is only applicable once.
The secondary charge is done concurrently with the primary charge
This product cannot be applied to offset an existing facility.
No. This product is applicable for members still in active employment and yet to attain retirement age, since the 40% of accrued pension benefits is released as a down payment for a house to be paid for in cash or paid as a mortgage over the remaining number of years to retirement.
Yes. Any member below the retirement age is eligible for this product as long as the 40% of accrued benefits is sufficient to cover the entire purchase price. However, for members whose 40% of accrued benefits is not sufficient, the approval will be based on the ability to repay and time to retire.
  • Commitment fees for the mortgage.
  • Stamp Duty for transfer of property – 4% of property value for urban areas like Nairobi, Mombasa and Kisumu and 2% of property value for upcountry and rural areas.
  • Stamp duty for registration of charge – 0.1% of the loan amount.
  • Legal Fees – between 1.5% and 2% of the loan amount.
  • Valuation fees – approximately 0.25% of the Property Value.
  • Insurance fees – for life cover over the applicant’s life and for fire (and other perils) over the property taken as security for the mortgage.
No. other processing are to be catered for separately by the member.
Any residential property with valid ownership documents, that befits your style, income and meets your need for a home. This could be a bungalow, maisonette, town house or apartment.
Up to 20 years for employed, subject to retirement age
The Bank would finance the lower of the value or the sale price.
Interest rate on this mortgage product is variable but computed on reducing balance. One is free to prepay the mortgage by making lumpsum payments or redeeming the balance as there are no penalties for this.
Yes, provided the property is within a municipal and has a title deed/certificate of lease as proof of ownership.
Yes; Your past credit history plays a major part, as negative credit listings may affect your chances of getting a loan approval from the Bank.
One of the covers we have in place for the mortgage is the life cover, which carries a retrenchment rider, such that in the event of retrenchment, Insurance steps in to make the monthly mortgage instalments for 6 months.
In the event the property is destroyed by a fire, Insurance will come in to restore the property to its former self.
In the event of death while still servicing the mortgage, insurance comes in to redeem the mortgage by clearing any outstanding mortgage balance. This would in effect mean that the property under purchase would be discharged to the next of kin.
Depending on the structure, Insurance will either redeem the whole or part of the loan
Where the rates and rents are applicable, you should continue paying them to the respective jurisdictions as they are payable by the property owner. Remember, with a mortgage, the property is registered in your name but charged to the Bank as collateral for the mortgage.
The maximum amount you can qualify for is dependent on your ability to repay based on the pay slip, existing rental income or existing business income.

Compare