Coming your way shortly!

Hello @Penny-Stocker. I am Sure Wazuans will be more than Happy to hear your Project has been going. Post latest Pictures Mbro, and share your experience.

I am thinking that the houses are Finished and Probably Occupied.

Kudos @Penny, a couple of years ago i built my mum a 4bdr hse for less than two million, thats when i realsied its does not justify someone taking a mortgage for 15-20 years at a repayment of 80k-100k a month and the house is a three bedroom flat whose initial cost is 6m.
i had approached one of the local banks for a mortgage, the guy advised me to take an unsecured loan of 1m and secure a piece of land somewhere, with the above repayment of about 80k, i could repay the loan in a about a year and go for another one to start the foundation, wall etc, out of that calculation it made sense that i could own an even bigger and better house n 5 years at a cheaper, and remember should something happen and you are not able to repay the loan, the bank cannot come for your assets, in case of the mortgage, they can sell the house.

@accelriskconsult.

Very True, the bank will Come for you and repossess. But CLK is Correct in saying that Morgages do not make sense at all.

People taking mortgages in Kenya are CRAZY. Interest rates are unrealistic. But guess what, there are peeps out there signing their mortgage papers as we speak! No thank you!

@SAPGURU...sorry for the late reply! Too bad I'm not in Kisumu at the moment. Next time I make a trip to the lakeside, I'll hit you up. meanwhile you can reach me at stocker (dot) penny (at) gmail (dot) com. How's your project coming along? Are you building to sell/off load or keeping as rentals?

there is no way a bank can take your house if you built it using a personal loan. The security for a personal loan is the salary not the house. haiwezekani.

Hopefully you have a lawyer friend and you have sought advice.

The bank can get judgement against any of your assets. They only need to prove that;

1. They lend you money
2. You defaulted
3. You are no dead or incapacitated
4. You are of sound mind
5. You have the ability to repay - that ability includes ownership of transferrable assets.

@Rapudox - some good news to report. I was able to get 0.6 acre @1M (very very good deal - with a view of the lake, town, airport and sun set. That's for a future dream home! When are in Kisumu next?

@Am...hehehe...I will be 30 in November...just found a one time opportunity, plus I've been negotiating with the owner for a very very long time - (2 - 3 years). She finally bit the bait and I landed it on the boat. They stopped making land long long ago, plus, the deal was way better for me than the seller. The same person who sold me the lot where I was doing the project is the very individual who sold me that piece up the hill. She's native of that area and has, well had, hue tracts. About the project, will be posting updates very soon - when all is done!