Well well well ! That means I am not going to build that my dream home? At 23% interest rate, if I borrow $100,000 ( Ksh 9,000,000 ) for a term of 30 years, I shall have paid the bank $590,743.09 ( Ksh 53 million ). That is robbery. I cannot afford that, unless I want it to be repossessed and or pass the burden down to my kids. It aint gonna happen.
I will continue sleeping in my grass thatched house. It works good for me….. I dont need your loan… No Thanks
This is what killed the real estate market in the United States. There is nothing wrong with renting and we need to get that in our heads. When you have a mortgage, you do not own the home. Quit paying and you will know who really owns the home. Why don’t we just save and live with less to have a better nest egg. Many of us in the states learned that the hard way. The housing crisis send many 15 years back and it’s about to do the same in Kenya. Live your life but don’t follow the hype…
Will pre-negotiated loans with organizations be affected? Why dodn’t youkindly write individual letters to your beneficiaries? This will make the communication clearer. Thanks. Annie