Mortgage approval does not guarantee the keys to your home, Absa says
The bank says borrowers who have secured mortgage approval still have to navigate ownership verification, legal documentation, payment of taxes and other transaction costs, approvals and registration of the property before the purchase is completed...
✨ Key Highlights
Absa Bank Kenya has clarified that mortgage approval is not the final step in homeownership, emphasizing the critical legal and administrative processes that follow before property transfer.
- Securing a mortgage is only "half the journey," according to Beatrice Chege, Absa Bank Kenya Head of Mortgage.
- The post-approval stage involves ownership verification, legal documentation, tax payments, and property registration, often requiring interaction with platforms like Ardhisasa.
- Borrowers must budget for additional costs such as stamp duty, legal fees, and insurance, and may face delays due to document processing and borrower disengagement.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
Co-op Bank profit after tax up 28pc to Sh18bn in H1 - August 2026
Co-operative Bank has reported a significant 28 percent increase in profit after tax for the first half of 2026, reaching Sh18 billion. The Central Bank of Kenya has simultaneously maintained its benchmark interest rate at 8.75 percent amid steady inflation and global economic uncertainties. Absa Bank Kenya has clarified that mortgage approval is not the final step in homeownership, emphasizing the critical legal and administrative processes that follow before property transfer. These stories highlight the banking sector's performance and the financial landscape facing consumers. Additionally, a new bill proposes to scrap the Higher Education Loans Board and replace it with the Tertiary Education Funding Authority to streamline financial support for students.
