The few took the following step that is logical numerous young Kenyans getting started to their professions give concern. He purchased a property, benefiting from the bank’s staff rates of interest.
The master plan would be to rent the apartment out, situated in among the city’s gated estates, and employ the earnings which will make repayments in the Sh5.5 million home loan.
2 yrs later on, nonetheless, Kimani’s world turned upside down as he had been let go by the bank. Yet again he had been no further a member of staff, the attention prices in the home loan spiked through the preferential three per cent to advertise prices.
This intended that to clear their home loan, their month-to-month repayments would need to triple inside the exact same payment duration, by the end of that he will have needed to part with over Sh21 million for the household in the place of Sh6.8 million. Continue reading