How to get a mortgage in Kenya as a foreigner: US guide

Buying a house in Kenya is a popular option for Americans looking for a vibrant culture, beautiful beaches, and a diverse social life abroad. You can invest in a thriving economy or explore local opportunities for you and your family.

But can you get a mortgage in Kenya as an American? Let’s take a look at everything you need to know, including mortgage types, rates, and how to qualify for a mortgage in Kenya.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

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Table of contents

Can US citizens get a mortgage in Kenya? How do I qualify for a mortgage in Kenya? Visa requirements What types of mortgages are available in Kenya? What are Kenya’s mortgage rates? How much do you need for a down payment for a Kenya mortgage? Buying property abroad? Send money the hassle-free way with Wise Things to consider before applying for a mortgage What documents are required to get a mortgage in Kenya? How to apply for a mortgage in Kenya: step by step How long does it take to get a mortgage approval in Kenya? Tips to get approved for a mortgage in Kenya Kenya mortgage renewal

Can US citizens get a mortgage in Kenya?

If you want to buy a home in Kenya, you’ll likely need a mortgage to finance your purchase. You can get a mortgage in Kenya as an American, but the process, requirements, and eligibility will differ depending on your lender.

Popular mortgage lenders in Kenya include:

• Housing Finance Bank®
• Kenya Commercial Bank® (KCB)
• NCBA Bank Kenya®
• Absa Bank Kenya®
• Standard Chartered Bank®¹

Although there are plenty of loan providers in Kenya, you’ll need to do your research. Some lenders, such as UNFCU®, don’t let Americans take out mortgages in Kenya.²

However, at a bank like Standard Chartered Kenya, you can apply for a non-resident mortgage of up to 100 million Kenyan shillings (KES). You can also access loan terms of up to 20 years.³

You may be able to get an international mortgage from a US bank or lender. This is a loan for property overseas, whether you’re looking for a new home or investing abroad. However, not all US banks offer international mortgages.

How do I qualify for a mortgage in Kenya?

You’ll need to meet your lender’s eligibility requirements to qualify for a mortgage in Kenya. This includes proving your income stability and providing your credit history.

For example, KCB offers mortgages to employed or self-employed resident non-Kenyans.⁴** **If you have a high credit score, you may be more likely to qualify for the loan of your choice.

Your new home may also need to go through a full property appraisal before you can qualify for your mortgage.¹ Speak to your international bank or lender for more information about loan qualification and eligibility.

Visa requirements

You’ll also need to look into your visa options before getting a mortgage. As a non-resident, you can get a single-entry visa for up to 3 months.

After that, you may need to apply for a work permit to live and work in the country. If you make a large investment in the local economy, you may be eligible for an expedited visa application.

Consult the Kenyan immigration department for more information about getting permanent residency in Kenya.⁵

What types of mortgages are available in Kenya?

Let’s take a look at a few different types of mortgages in Kenya — everything you need to know.

Home purchase loans

A home purchase loan can help you buy your first property in Kenya. This type of loan is usually eligible for any residential property — and you can use the mortgage to cover a new or existing home.

You may be able to use a home purchase loan to spread the cost of your mortgage over a longer period.¹ This is a good option for US citizens buying their first international property.

Mortgage refinance loans

If you already have a mortgage in Kenya, you can apply for a refinance loan to take out a new mortgage on your property.

This type of mortgage is aimed at those looking for a better deal on their loan, such as a lower interest rate. You may also want to refinance if you need funds for another purpose.¹

Equity release loans

You can use an equity release loan to access equity in your home. This is a good option if you need a lump sum for home improvements or another investment, for example.¹

However, it’s important to consider your options carefully, as this type of mortgage comes with risks. You may receive less money than if you were to sell your home.

Construction loans

A construction loan can support US citizens who want to build their own property in Kenya. You can access your money when you need it during the construction process.¹

However, not all banks offer construction loans. You’ll need to speak to your lender for more information.

What are Kenya’s mortgage rates?

Mortgage rates in Kenya work much the same as in the US. You can take out a fixed-rate or variable-rate mortgage, for example.

A fixed-rate mortgage has the same rate of interest for the full mortgage period. This means you’ll always know exactly how much you’re paying, but you may need to put down a larger deposit for your property.

Variable-rate mortgages, in comparison, work on a fluctuating rate of interest. After a certain period, your interest will adjust in line with current market rates.

This type of mortgage is a good choice when rates are low, but you’ll be more vulnerable to market changes.¹

How much do you need for a down payment for a Kenya mortgage?

Down payments in Kenya are relatively affordable, with some lenders requiring just 3.5% to 5% of the property value in advance. This makes Kenya an appealing prospect for US investors.⁶

If you buy a house for 1 million KES, for example, a 3% down payment works out to 30,000 KES. This doesn’t include additional costs like legal fees or negotiation charges.

Your required down payment may depend on your lender, your credit history, and your background. Make sure to speak to your bank for more information about how to qualify for a mortgage.

Buying property abroad? Send money the hassle-free way with Wise

Now that we covered some of the basics, the only question left is how to send money to pay for your property overseas?

Wise offers you a quick, secure and transparent way of sending money to Kenya. You get the mid-market exchange rate for your payments and see how much is charged for the transfer before sending the money from your bank.

With the Wise Account, you can also hold 40+ currencies, spend money in 150+ countries, and receive like a local in 8+ different currencies.

Get started with Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information

Things to consider before applying for a mortgage

There are some things to consider before applying for your Kenyan mortgage:

• Make sure to compare lenders
• Check your credit history
• Understand your budget
• Save for your down payment

You may also want to work with a mortgage broker to help you apply for your loan and find the right lender for you.

Additional costs for your mortgage

As well as your down payment, you may need to cover some additional costs for your house mortgage in Kenya.

This includes requirements like life insurance and administrative fees. Let’s take a closer look.

Fee	Details
Stamp Duty	This is a tax paid to the government — typically 2% to 4% of the property value⁷
Insurance	You may need life and property insurance to qualify for your mortgage — costs vary¹
Legal fees	Fees vary depending on your loan amount and the complexity of your mortgage¹
Negotiation fees	Some lenders charge for negotiating the terms of your mortgage — charged as a percentage of your property value¹ Varies by lender — KCB charges 2% for processing⁴
Exchange rate costs	If you need to transfer money to Kenya, you may pay a currency conversion markup for USD to KES transactions Use a money transfer platform like Wise to send money at the mid-market exchange rate and save on hefty conversion fees abroad

You can also open a bank account in Kenya to spend and save like a local

What documents are required to get a mortgage in Kenya?

Here are a few documents you may need to support your Kenyan mortgage application:

• Copy of your government ID
• Copy of Kenya Revenue Authority (KRA) PIN certificate
• Proof of income, such as pay slips or financial statements
• Letter from your employer
• Bank statements — typically 6 to 12 months’ worth
• Your offer letter, sale agreement, or title deed⁸

The documents you’ll need will depend on your bank. For example, KCB requires a valuation report and proof of property ownership, such as your title deed or sale agreement.⁹

Speak to your lender for more information on the exact documentation required for your mortgage application in Kenya.

How to apply for a mortgage in Kenya: step by step

Buying a house in Kenya is an attractive opportunity for many Americans. You can purchase property in one of Kenya’s thriving cities or explore rural nature spots across the country.

Let’s take a look at how to apply for a house mortgage in Kenya — your step-by-step guide to securing a new home.

Find your dream home

First, you’ll need to find your dream property. You’ll need to consider what type of property you want to buy and where.

Here are a couple of tips:

• Browse properties online
• Check out your dream neighborhoods
• Speak to local communities about houses for sale

Submit your mortgage application

Next, you’ll need to choose a bank and submit your mortgage application for review. This includes supplying your lender with all the necessary documents, such as your pay slips, property title deed, and ID.⁸

Get approval

Once your provider has checked your documents, you’ll receive a formal approval or offer letter from your mortgage lender.

You have 30 days to accept this letter and meet any necessary requirements. Your lender will also conduct a valuation of your property.⁸

Conveyancing and checks

Next, your lender will get in touch to begin the conveyancing process. At this stage, the title deed for the property will be transferred into your name. Your bank will hold the deed until your mortgage is paid back in full.

You’ll need to ensure you cover any fees or costs for your mortgage. You may also need to take out insurance to qualify for your loan.⁸

Disbursement of your funds

Finally, once everything has been verified, your bank will disburse the funds for your property. You should receive your money within 14 days.⁸

Remember — these steps may differ depending on your international bank or lender. Speak to your provider to discuss their mortgage application process.

How long does it take to get a mortgage approval in Kenya?

Mortgage approval can depend on a number of different factors, including the complexity of your loan, your financial background, and your lender.

For example, KCB’s approval process takes roughly 4 to 7 days. However, this is only one stage of getting a mortgage loan in Kenya.⁴

The full process can take several months to complete. This includes steps like submitting your application, reviewing your documents, valuing your property, and finalizing your loan terms.⁸

A provider like Standard Chartered may be able to expedite non-resident approval. The provider will give you immediate access to your funds if you’re topping up or transferring an existing mortgage to them.³

Tips to get approved for a mortgage in Kenya

There are a few ways to speed up approval for a mortgage. Here are some top tips for Americans buying property abroad:

• Gather all the correct documents
• Complete your application form promptly
• Keep in contact with your mortgage loan provider
• Work with a mortgage broker who has experience in Kenyan property

Some lenders or banks may offer preapproval for your loan. This means you’ll know how much you can borrow in advance — and it can speed up the mortgage process.

Kenya mortgage renewal

During your mortgage term, your loan may need to be changed or renewed. This is different from a remortgage, which you can choose to do at any time.

Your Kenyan mortgage provider will typically walk you through the renewal process. You may need to agree to new mortgage terms, including a different rate of interest or monthly repayments.

You’ll need to speak to your lender for more information about your Kenyan mortgage renewal, as every provider will have a slightly different approach.

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Getting a mortgage in Kenya can be a complicated process. You’ll need to submit the correct documents for your loan and choose the right mortgage type for you.

You may also need to pay legal fees and insurance costs for your overseas mortgage. Don’t forget about exchange rate fees, as most US banks will charge a markup for USD to KES transactions.

To pay for your house deposit in 140 countries — all at the ‘fair’ mid-market rate — check out Wise.

Sources

1. Buy Rent Kenya - A beginner’s guide to understanding mortgage loans in Kenya
2. UNFCU - Applying for a Kenya mortgage FAQs
3. Standard Chartered - Non-resident mortgages
4. KCB Bank - Mortgage products
5. British Expat Guide - Moving to Kenya from the UK
6. Kenya Homes - How much of a down payment do you need to buy a house?
7. Buy Rent Kenya - What is Stamp Duty when it comes to property transactions in Kenya?
8. Buy Rent Kenya - Mortgage application process in Kenya: step-by-step guide
9. KCB Bank - The KCB mortgage application process: What you need to know

Sources checked 05/15/2025