Construction Mortgage

Do you own a piece of land and looking to build your dream home, we are the right partners to help you make this a reality.

Here's how:

Who is eligible for a mortgage?
  • Kenyan citizens resident in kenya
  • Minimum age 21
  • Salaried customers meeting all the specified requirements
  • Employees and Directors of reputable companies and well established SMEs who are purchasing a residential property for owner occupation. (Must have demonstrable and verifiable monthly income for the past12 months)
  • Professionals and Consultants who earn a regular monthly income and are purchasing a residential property for owner occupation
Documents Required
  • Completed and signed application form
  • Certified copies of last 3 pay slips
  • Certified letter from employer stating terms of employment
  • Certified copy of ID / passport
  • Copy of PIN certificate
  • Sale agreement
  • Documentary evidence of any other income
  • Certified copies of bank statements for 12 months (for non-Standard Chartered customers)
  • 3 colour passport-sized photos (for non-Standard Chartered customers)
  • Copy of title deed
  • Certified Copy of the Title
  • Approved Building Plans and Architectural Drawings
  • Approved Structural Drawings where applicable
  • Regulatory approvals
  • Bills of Quantities
Benefits of a Standard Chartered Mortgage
  • Choice of currency
    We offer KES construction mortgage facilities.

  • High loan amounts
    Home buyers can now take up to KES 100 million. This means you will never have to compromise on the house you really want for yourself and your family.

  • Longer loan periods
    With longer loan tenor periods of up to 25 years, your monthly repayments become more affordable.

  • Construction Period
    A construction period of 12 months.

  • You only pay for what has been disbursed
    Given that a construction mortgage is disbursed in stages, you only pay interest on the disbursed amount.
Fees and Charges
  • Facility arrangement fee: 1% of loan amount (Minimum KES 10,000)
  • Legal costs and stamp duty – varies depending on property value and location
  • Fire (property) insurance – comprehensive insurance with the Bank's interest duly noted
  • Mortgage protection insurance for the borrower – to safeguard the borrower during the mortgage term
  • Valuation fees – upon approval of application, the property should be valued
FAQs
  • What is a mortgage?
    A mortgage is a loan advanced to the customer by the bank towards the purchase or construction of a property. The customer provides the bank with his / her property as a security.

  • What is a variable interest rate?
    A variable interest rate is where the interest rate changes from time to time based on the prevailing economic environment.

  • Can I make lump sum payments into my loan account?
    Yes. The bank allows you to make lump sum payments into your mortgage loan account. You however need to advise us whether you would like the amount to be applied as a capital repayment.

  • What bank charges apply when taking out a personal home loan?
    There is an arrangement fee that the customer is expected to pay upon acceptance of the loan. It is 1% of the loan amount (minimum KES 10,000.00).