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Want to buy a house? CompareGuru can help you do this with a mortgage.
A mortgage is a type of loan where you borrow from the bank in order to pay for a property. For many it is a useful step in achieving the goal of home ownership. In Kenya, you can apply for mortgages through banks.
If approved for a mortgage, you will apply the funds to purchasing a property and pay back gradually to the lender. Because your home or property is the loan’s collateral, if you are unable to make payments, the lender can legally allowed repossess your property.
The structure is simple and has three parts: principal, interest and collateral. Principal is the sum you are borrowing. Interest is the annual rate you pay to borrow the money – calculated as a percentage of the total amount. Collateral, in this case is your home – the asset or assets used to secure the loan.
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