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Kenya mortgage FAQs

Applying for a Kenya mortgage

All UNFCU loans are in US dollars (USD).

The areas we have identified in Kenya have been very stable in terms of real estate values.

UNFCU members who: 

  • Intend to occupy the property being financed (investment properties are not eligible); and 
  • Are not residents of the United States; and 
  • Are a UN employee with a current professional or field service contract earning income in an eligible currency, or 
  • Are a UN General Service staff or National Professional Officer located in an eligible country and earning income in an eligible currency, or 
  • Are a UN retiree receiving a pension in an eligible currency

Our Kenya mortgages are in US dollars. If the currency you earn drops in value against the US dollar, this could create hardships for you. You would then need to use more of your income to pay off your mortgage. This could make it more difficult to cover your other expenses. 

Imagine this scenario as an example:  

Your mortgage payment amount each month is $1,000. At the time you received the mortgage, you needed 10,000 units in your local currency to make the $1,000 payment. Local economic conditions cause a drop in the value of your currency. Suddenly, you need 50,000 units to make the same $1,000 payment. How will you afford your other monthly expenses? 

As a credit union, it is our responsibility to help you avoid financial hardships.

The country in which you work can affect your source of income. For example, how easily could you find other employment if the UN leaves the country in which you work? Will another job pay the same salary as the UN? 

These factors can affect your ability to repay your mortgage. If you are unable to repay your mortgage, you may lose the home being used to secure the mortgage. We want to minimize your exposure to this possibility.

The following factors will determine the loan amount for each applicant: 

  • Income 
  • Existing loans 
  • Other expenses 
  • Loan payment history 
  • Country of employment 
  • Currency of income 
  • Property value and location 
  • Down payment amount 
  • Length of membership 

Once we receive your application with the required documents, we will provide you with a pre-approval. This will tell you how much you can borrow.

Your primary residence or second home would qualify as long as you plan to be in the home. You can also refinance an existing mortgage in Kenya with us. Properties under construction, investment properties, and purchases of land are not eligible.

Members applying for a Kenya mortgage will generally be asked to present the following: 

  • Pay statements for the last two months or latest pension statement 
  • Copy of employment contract 
  • Bank statements for the last six months for accounts held outside UNFCU 
  • Copy of title deed/lease for the property being purchased 
  • Copy of contract of sale, witnessed by an advocate 
  • Completed occupancy affidavit 
  • Copy of national ID or passport 
  • Life insurance policy with UNFCU listed as beneficiary 
  • Property insurance policy with UNFCU listed as beneficiary 
  • Copy of Kenya Revenue Authority PIN (apply online at kra.go.ke
  • Proof of down payment and available funds in a bank account 
  • Mortgage application form 

Prior to the closing, you will be required to obtain mortgage protection insurance and property insurance. Mortgage protection insurance is a life insurance linked to your mortgage. It should be payable to UNFCU if you pass away.  Property insurance covers the full replacement value of the property in case of damages. The damages may be the result of floods, riots, strikes, acts of terrorism, or other unforeseen events.

Fees include: 

  • Processing fee of 1% of your approved mortgage amount 
  • Valuation fee 
  • Legal fee 
  • Stamp duty fee 

Making Kenya mortgage payments

The more money you put toward your down payment, the less you will need to borrow. The less you borrow, the less you need to pay back each month.

Your interest rate will depend on whether you are purchasing a primary or secondary residence. It will also depend on various credit factors such as your loan-to-value ratio. Contact us at kenyamortgage@unfcu.com or call +254 20 7621044 for more details. View rates.

After the initial fixed period of the loan, your rate can increase or decrease by a maximum of 2% each year. It can increase or decrease by a maximum of 5% during the course of your loan. This means that your mortgage interest rate cannot go above your initial interest rate by more than 5%.

After the initial fixed period of three or five years, the variable rate is re-calculated each year. We add a margin to the 1-year Wall Street Journal (WSJ) Prime Rate. View the current margin

If you already have a Kenya mortgage with us, you should refer to your mortgage documentation. The margin may have been different when you secured the loan. We apply a cap to limit the amount by which your rate can change.