This month, family bank launched a new product dubbed Growing Home Mortgage. The product is aimed at making homeownership simpler and more affordable. This is after realizing that many homeowners end up losing their property to the banks after failing to service their long-term mortgage.
The fact that most employees dream to own a home in urban or peri-urban is music to most banks that offer mortgage. They lure these employees into procuring mortgage to own that dream house—this is the best part. The worst part is that these long-term loans literally enslaves the employees in that they will be servicing these loans for as long as 15 years whether they are in employment or not.
Should they lose their jobs for foreseeable or unforeseeable reasons, they end up losing their homes to the banks. Robert Kiyosaki the celebrated writer of Rich Dad Poor Dad, has extensively expounded in his book Cashflow Quadrant how in most cases the mortgage ends up to be more or less a death sentence to many homeowners.
It is therefore good news that Family Bank came up a product that is aimed to transform homeownership. The product gives a new definition to piece meal acquisition. Its affordability is a major plus because many employees will be in a position to attain their dreams.
The mean mortgage for most Kenyan banks is Kshs.5-6 million which is quite unaffordable for many employees even in long-term. Comparing this to Kshs.1 million that Family Bank offers, they can do much better if at all they want to alleviate poverty as they claim.
James Mwangi Kanyi
Nairobi.
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