25/08/2024
How to own a unit under affordable housing programme.
This is how you enter into a Tenant Purchase Scheme (TPS)- an agreement that will make you ultimately own a house under the Affordable Housing Scheme in Kenya- acquiring and occupying your desired house:
✅ Application and Registration: Requirements are that you be a Kenyan Citizen with a stable income and a valid ID- log in/register into the Boma Yangu Portal at www.bomayangu.go.ke
✅ On the portal/website, you will find various affordable housing schemes, and selection is all yours. Securing a unit is based on a first come, first served basis- as long as you honour the payment requirements.
✅ A minimum deposit of 10 percent of the value of your desired house is the down payment required to secure your ideal unit(s).
✅ Plan to pay a monthly rent, where the monthly fees goes directly in paying off the balance, and reducing the principal cost of the house over time. Rates are provided on the website.
✅ Duration for payment runs over a long period of time, say 5-30 years; but if able, you can settle off the entire amount at a go.
✅ There's a lease agreement that you ought to sign, which outlines the tenancy and purchasing terms, including the rent-to-own provision.
✅ It is important to own that you will earn your full rights to the house once the full payment for your desired unit(s) has been completed.
✅ Once the full payment is honoured, the tenant is given full rights to own the house, including a Title Deed confirming him/her as the rightful owner of the property.
27/03/2020