Equity Bank Mortgage Options, & How They Work

A look closer at Equity Bank’s mortgage options, including their fixed-rate and adjustable-rate mortgages.

Carson O.
6 Min Read
  • Housing loans for Kenyan Residents: Residential Vs Commercial Mortgages
  • Diaspora Mortgages Offered by Equity Bank

Buying a home is a big decision, and one of the most important things you’ll do is choose a mortgage lender. The Equity Bank of Kenya is one of the largest and most trusted lenders in the country, and they offer a variety of mortgage products to fit your needs.

In this blog post, we’ll look closer at Equity Bank’s mortgage options, including their fixed-rate and adjustable-rate mortgages. Further, we will dive into how to apply for the loan, provide an in-depth review and discuss the pros and cons of working with Equity Bank.

Equity Bank provides the following mortgage options for Kenyan citizens:

#1. House/Home Loans

This loan facility enables Equity customers to purchase complete house units or construct homes either for residential or commercial purposes

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Its features include:

Min. Loan AmountBased on your ability to pay
Max. Loan Amount
Financing MarginUp to 100%
Max. Repayment period180 Months/15 years
Yearly Interest ratesVariable

What do you need to sign up?

  1. Three original latest pay slips
  2. 2 Copies of your ID & KRA Pin certificate.
  3. An introduction/Appointment/Confirmation letter from the employer.
  4. Duly signed authorization forms.
  5. Dully completed loan application and appraisal form
  6. Valuation report
  7. Title deed

What does Equity Bank look for as you apply for this product?

  • An existing Memorandum of Understanding (MOU) with the customer’s employer
  • Your ability to pay for the mortgage
  • Your Ability to effect loan deductions on check-off

#2. Residential Mortgage & Equity Loans

This mortgage product facilitates the purchase of single-family homes or 1 condo/apartment unit on the same property. It also allows homeowners to borrow against the equity in their already-owned home/condo.

Its features include:

Min. Loan AmountKES 2,000,000
Max. Loan AmountNo maximum
Financing Limit80%
Max. Repayment period15 years
Yearly Interest ratesVariable

*Interest rates are subject to variation depending on the terms of your contract with the bank. The rates are variable from person-to-person yet very competitive.

There are three categories of people who can apply for this mortgage loan. These are:

  • Salaried Applicants
  • Self-Employed Applicants
  • Diaspora Applicants i.e., Non-Resident Kenyans, Kenyans sent on foreign missions abroad, and Kenyans with dual citizenship.

For all the categories outlined above, the requirements needed for the application of an Equity Bank loan are as follows:

  1. New or existing Equity Bank account
  2. Identification Documents:
    1. Kenyan ID/Passport
    1. KRA PIN (Kenya Revenue Authority Personal Identification Number)
    1. Proof of current address
  3. Credit report from your country of residence
  4. Copies of Bank statements for the past 6 months
  5. Complete individual tax returns for the past 3 years

To apply for this loan, visit here.

#3. Commercial Mortgages & Equity Release Loans

This mortgage loan finances the purchase of 2 or more houses in the same community, 2 or more condos/apartments on the same property, or an entire condo/apartment building.

Its features are as follows:

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Min. Equity Release loanKES 3,000,000
Min. Commercial MortgageKES 4,000,000
Max. Loan AmountNo maximum
Financing Limit80%
Max. Repayment period10 years
Yearly Interest ratesVariable but competitive

What you need to apply for this commercial mortgage

The same requirements listed under the residential mortgage product earlier in this post are also applicable to the commercial mortgage package.

To apply for this loan, visit here.

What are the benefits of the residential & commercial mortgage loans by Equity Bank?

  1. Customized Credit Policy – Equity Bank understands the unique needs of its Diaspora customers and has developed a specialized credit policy tailored to their requirements.
  2. Wide Product Offering – Equity Bank offers a diverse range of mortgage products to cater to different borrowing needs and clientele.
  3. Streamlined Underwriting Processes – This means that you can expect a faster turnaround when applying for a mortgage, allowing you to move forward with your homeownership plans swiftly.
  4. Expert Legal Support –The Equity Bank collaborates with a panel of trusted law firms experienced in offering conveyancing services to international clients to ensure you have access to expert legal guidance.
  5. Dedicated Diaspora Banking Call Center – 24/7 Diaspora Banking call centre to assist with any queries or concerns among diaspora residents.

Tariff Guides

A tariff guide is a resource that provides information about the fees, charges, and rates associated with specific products or services. It is typically published by a company or organization to provide transparency and clarity to its customers regarding the costs they can expect to incur.

For more information about Equity Bank, read here.

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Equity Bank offers a wide range of mortgage options designed to meet the diverse needs of homebuyers in Kenya. Whether you’re looking to purchase a house, construct a home, or invest in commercial property, Equity Bank has you covered!

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I am a multi-faceted professional with a strong foundation in Business and Finance, honed since 2020. Additionally, I possess a deep passion for automobiles, serving as an avid car enthusiast. In parallel to my diverse interests, I am also a dedicated student pursuing a career in the medical field.
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