PS Explains Deposit Refunds & Monthy Payments in Ruto Housing
In the event that they are unable to obtain one of President William Ruto’s inexpensive houses, Kenyans who voluntarily save 10% of their income will be eligible for a reimbursement.
One can save up to pay the ten percent down payment needed to be considered for a house, as specified in the Affordable Housing Bill 2023.
But because housing is expected to be in high demand, some people might not be able to secure a home and would rather receive their money back
. “An agency must open a distinct bank account for the purpose of holding voluntary deposits, and any interest earned from such investments must be credited to this account. Every individual who makes a voluntary savings must have an account number issued by an organization.”
“A person who has made a voluntary saving and has not been allocated an affordable housing unit and desires to withdraw his or her savings shall give a 90 days notice to the agency for a refund with accrued interest, if any,” reads the proposed Bill in part.
The refunds will also take less than 90 days to be processed.
Regular Payments Affordable housing will be made available in three categories: social, affordable housing program (AHP), and market, according to Housing Principal Secretary Charles Hinga. Rent-to-own options would also enable Kenyans to become the homeowners. To match the house valuation, one will need to pay a 10% down and monthly installments spaced out over a number of years.
Social
The social housing units will be offered to low-income earners. The houses will have different units ranging from one-bedroom to three-bedroom houses.
One-bedroom houses will cost Ksh840,0000. The deposit to be paid for these units is 10 per cent (Ksh84,000). One will then be required to pay Ksh3,200 monthly until they finish paying for the house.
Two-bedroom units will go for Ksh1.2 million with the deposit set at Ksh126,000. The monthly payment for these houses will be Ksh4,800.
On the other hand, three-bedroom houses will go for Ksh1,680,000. Interested buyers will required to pay a deposit of Ksh168,000 before moving in. Subsequent monthly payments were set at Ksh6,400.
AHP In this category, one-bedroom apartments were listed at Ksh960,000. The monthly payment for occupants will be Ksh5,200, following the payment of a Ksh96,000 deposit. Three-bedroom apartments will cost Ksh2.8 million, while two-bedroom homes will cost Ksh1.9 million.
After the 10% deposit, monthly payments for two-bedroom houses will be Ksh 10,400. Conversely, after paying their deposits, occupants of three-bedroom houses will be required to make monthly payments of Ksh15,600. Market In comparison to dwellings in the social and AHP categories, market houses will be larger. There will only be single- and two-bedroom homes in this category.
The cost of 60 square meter one-bedroom homes will be Ksh4.3 million. The payment plan calls for a deposit of Ksh432,000 and monthly payments of Ksh31,000. Conversely, three-bedroom apartments would measure 80 square meters and set Kenyans back Ksh5.7 million. Following the 10% deposit, monthly payments will amount to Ksh41,000.
PS Explains Deposit Refunds & Monthy Payments in Ruto Housing