PREMIUM Price of money is falling but majority of Kenyans still can’t afford to buy a home In real estate credit indicates that cheaper money alone not enough to unlock large-scale lending. DN2 Just now Listen

Summary Article What you need to know: The CBK has lowered the cost of money as commercial banks are responding with more competitive mortgage products but for millions of Kenyans, the biggest barrier to home ownership is having enough income to qualify for the loan in the first place.

KCB’s broader home loan product provides financing of up to 90 per cent for owner-occupied homes, 80 per cent for income-generating properties and 70 per cent for plot purchases, with repayment periods of up to 25 years.

Commercial banks are responding with more competitive mortgage products, but for millions of Kenyans, the biggest barrier to home ownership is having enough income to qualify for the loan in the first place.