For many Kenyans, homeownership is a lifelong dream and many work, save, invest and still fail to achieve this dream. But as Phillip Omondi, Head of Property Finance Sales at NCBA, shares on Family Matters | Financial Clinic, turning that dream into reality is not rocket science.
Omondu says homeownership requires more than just desire—it demands preparation, knowledge, and the right financial strategy. There is need for thorough preparation and understanding of the home-buying process before embarking on the journey. According to Omondi, one needs to evaluate their financial health, including income, expenses, and existing debts, to determine affordability of property and also check their creditworthines as it influences mortgage approval and interest rates.
Buyers also need to budget and account for all costs, including down payments, legal fees, stamp duty, and maintenance expenses then go ahead to do a property evaluation i.e due diligence on the property such as it’s location, infrastructure, and ownership status and if there is any legal disputes or loans on its name.
One then needs to look at the various mortgage products available in the market, such as fixed-rate and variable-rate loans, and choose one that aligns with their financial situation. The best step is getting professional guidance from reputable real estate professionals and financial advisors.
“NCBA Bank supports aspiring homeowners by offering tailored mortgage solutions and expert advice to facilitate informed decision-making,” said Phillip Omondi on Family Matters, Financial Clinic by NCBA and Family Media. “Homeownership is not just a dream—but a structured journey that requires clarity, planning, and discipline.”
We have broken the steps down for those who didn’t catch the session on TV.
1. Start With a Financial Self-Assessment
- Evaluate your income, expenses, and current debts.
- Understand how much house you can realistically afford.
- Ensure you have a stable source of income—mortgage repayment is a long-term commitment.
2. Budget Beyond the Purchase Price
- Don’t just look at the house price—factor in:
- Stamp duty (usually around 4% of the property price)
- Legal fees (about 1-2%)
- Valuation and processing fees
- Maintenance and insurance costs
3. Understand Mortgage Options
- NCBA offers a range of mortgage products:
- Fixed-rate mortgages – predictable payments
- Variable-rate mortgages – fluctuate with market rates
- Buy-to-let mortgages – for investment properties
- Choose a mortgage plan aligned with your income flow and risk tolerance.
4. Do Due Diligence on the Property
- Ensure the land has clear legal titles.
- Check zoning regulations, neighborhood amenities, infrastructure, and future developments.
- Inspect the actual construction quality, not just the photos or promises.
5. Seek Professional Guidance
- Engage a licensed real estate agent, lawyer, and property valuer.
- NCBA often works with verified developers and partners like Fanaka Real Estate to simplify the process.
6. Plan for the Long-Term
- Think of homeownership as a wealth-building journey.
- Avoid emotional decisions; instead, take calculated financial steps.
NCBA’s Role
NCBA not only finances homes but also walks with clients through property selection, mortgage processing, legal documentation and financial literacy and planning. NCBA’s mortgage financing goes beyond financing to ensure a smooth and secure journey to owning a home. To begin your homeownership journey visit ncbagroup.com or check out their collaboration with Family Media on YouTube for more financial literacy content.