Kenya is a country that has experienced rapid economic growth in recent years, with many individuals and businesses looking to purchase property.
However, acquiring a property in Kenya can be a costly affair, especially for those who lack sufficient capital.
Title deed loans have become increasingly popular as a financing option for property purchases, providing a solution for those who need financial assistance to acquire property.
In this article, we will take a closer look at title deed loan providers in Kenya, examining their services, benefits, and potential drawbacks.
How does title deed loans work?
A title deed loan, also known as a title deed loan is a type of loan where a borrower uses their property’s tittle deed as collateral for a loan.
The loan amount is determined by the value of the property and the lender’s assessment of the borrower’s ability to repay the loan.
To obtain a title deed loan in Kenya, the borrower must provide the lender with their tittle deed, as well as any other required documentation, such as proof of income and identity.
The lender will then appraise the property and determine its value.
Once the loan amount is determined, the borrower and lender will agree on the loan terms, including the interest rate, repayment period, and any other fees or charges associated with the loan.
The borrower will then sign a loan agreement and the lender will register a charge against the property’s title deed to secure the loan.
The borrower will make regular repayments on the loan, which will typically include both principal and interest.
If the borrower fails to make the required payments, the lender may initiate foreclosure proceedings to recover the outstanding debt.
Once the loan is fully repaid, the lender will release the charge on the tittle deed and return it to the borrower.
It’s important to note that tittle deed loans in Kenya can be risky, as borrowers may risk losing their property if they are unable to repay the loan.
Therefore, it’s essential to carefully consider the terms of the loan and ensure that the borrower has a reliable source of income and the ability to make repayments before applying for a tittle deed loan.
Title deed loan providers in Kenya
Here is a simplified table showing title deed loan providers in Kenya, requirements and contacts.
Company
Contacts
Mwananchi Credit
0709147010
Jijenge Credit
0722843770
Maendeleo Capital
0745560008
Citizens Credit
0722646687
Atlantis Finance
0701746656
Finezza Capital
0721482852
Conclusion
Title deed loans are a viable financing option for individuals and businesses in Kenya who require access to quick cash.
There are several title deed loan providers in the country, each with its own unique offerings, interest rates, and repayment terms.
It is important for borrowers to carefully evaluate their options and select a lender that aligns with their specific financial needs and objectives.
Furthermore, borrowers should exercise caution and ensure that they fully understand the terms and conditions of the loan agreement before signing.
With proper due diligence and financial planning, title deed loans can be a valuable tool for unlocking the potential of one’s property assets and achieving financial stability.