Questions and Answers

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Property management can be a stressful endeavor for not only the property manager but also for the modern day landlord. One has to keep track of rental payments and defaulters, keep up to date with leases and communicate with tenants. One also has to handle paperwork while also making sure to market vacancies to prospective customers.

Kodipay, an online property management platform seeks to simplify and ease this entire process for property managers and landlords. The Company also seeks to enable tenants to pay rent conveniently and air out their grievances to their respective property managers and landlords.

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1.Tell us a little bit about GNG PROPERTIES

Gates and Greens Property Ltd was registered in the year 2014 as limited company, our trademark was registered a year later as GNG LTD. Gate & Greens specializes in Land and estate developments all over Kenya, we are dedicated to our customers’ investment needs and committed to take part in resolving the housing and land shortage. The Company is run by a Professional Internal Management Team.


House for sale

In this week’s Q&A, Jumia House Kenya reveals whether it is advisable to buy foreclosed properties.

Q: What is a foreclosed property?

A: A foreclosed property is a property that was attached as security to a loan and the borrower is unable to repay the loan. Therefore, the lender sells the property to recover their money from the sale of the property which was used as collateral.



In this week’s Q&A, Jumia House Kenya explores how to get a housing loan if you are self-employed.

Q: What should I consider when looking for a mortgage facility?

  • Seek help from your preferred lending institution to know your mortgage limit. Many people think they can afford a mortgage, but once they have the calculations right, they realize they do not qualify for a mortgage. The good news is, if you do not qualify for a mortgage, you can still apply for a vacant plot. It is always a step forward in owning your home.
  • Your age is an important factor to get a mortgage. The older you get, the lower the repayment period and in some cases this means a lower amount.
  • Lending rates are key. These determine your monthly repayments.
  • Talk to your friends who have a mortgage about their experience with the lending institutions, for instance how they handle clients. This will help you make your own informed decision. Bear in mind that a mortgage spans for a big part of your lifetime.
  • You may need to create another cash-flow to shield yourself and your family from the financial changes that come with a mortgage. Remember that when you are paying a mortgage, the monthly installment may be higher than the rent you used to pay.

Photo courtesy of Flickr by Scott Maxwell

  1. Q) How can I get a housing loan if I am self-employed?

First, you need to put your finances in order. You need to have your audited accounts for almost the last three years. You should also have the projected cash-flows, balance sheet and profit and loss account for the next three years in addition to the last six months’ bank statements. When you have your financial records in order, you increase your chances of getting a loan.

Q) What other factors increase the chances of being granted a mortgage?

You should also have a business profile. This proves the ability of the business to repay the mortgage. Memorandum, articles of association and certificate of incorporation or business registration certificate where applicable are necessary, in addition to loan statements for the last six months for all borrowings, where applicable.

Photo courtesy of Flickr by Rental Realities

Q) Can I negotiate a more favourable interest rate?

Yes, but it depends on two things: the repayment period and the loan value. The shorter the repayment period, the lower the interest rate and the higher the amount, the better chances for negotiating a better interest rate. You can also negotiate based on your credit score. If you have a good credit score you will get a lower interest rate.