Kenyans making contributions to acquire a housing unit under the Affordable Housing program will be required to seek verification from the Board before the amount is refunded.
Under the Draft Affordable Housing Regulations 2024 Clause 29, it provides that the administrator of the Fund shall take into account the accrued interest of the person and remit the cash before closing their savings account.
This regulation is provided if a person decides to withdraw his savings or if he's not allocated a housing unit.
All the same, one will be required to lodge a request in writing to the agency for a refund alongside the accrued interest.
He is also provided with the option of applying to the Board for approval of issuance of an affordable mortgage to develop a rural affordable housing unit.
This, however, will be done in writing and ought to be accompanied by; building plans approved by the county government, a valuation report of the land issued by the chief government valuer, a priced bill of quantities prepared by a quantity surveyor and a copy of the title deed as proof of ownership.
Upon review, the Board will consider four factors. First, whether the applicant has an active voluntary savings account with the Fund and secondly, the applicant will be required to furnish proof that the mortgage will only be used for the development of the unit.
Additionally, the person should showcase his ability to repay the amount applied for as the funds should not exceed Ksh4 million.
The Board is required to make a decision and within 14 days, they ought to notify the applicant of the determination.
If approved, the Board will enter into a written agreement with the applicant and draft the terms and conditions.
The Board will also credit the amount borrowed and provide regular statements to the successful applicants.
In the event the application is rejected, the Board will notify the applicant of the decision and the reasons for declining the request.
