Boma Yangu- How does it work?

By
HowAfrica
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Boma Yangu- How does it work?

BomaYangu is a platform that allows you to start your journey towards home-ownership stemming from the Affordable Housing Programme (AHP).

The Affordable Housing Programme (AHP) is an initiative by government as one of the pillars under the ‘Big 4 Agenda’ which ensures that low and middle-income households have access to decent and affordable housing units.

The AHP mainly targets Kenyans in the low and middle-income brackets who have previously been excluded from owning decent homes due to the prohibitive costs and stringent financing requirements. The program seeks to make affordable housing available for all Kenyans.

Further, members can access other options such as through the Kenya Mortgage Refinance Company (KMRC). The KMRC will provide liquidity and longer-term financing to Kenyan banks and SACCOs with the aim of increasing the volume and tenor of residential mortgages as well as availability of fixed-rate mortgages. This is expected to improve the affordability of mortgages, increase the number of qualifying borrowers, and result in the expansion of the primary mortgage market and home-ownership in Kenya.

How do you apply for Affordable housing in Kenya?

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     1. REGISTER

To register for house allocation, you MUST:

  1. Be a Kenyan citizen
  2. Be over 18 years of age
  3. Have a valid national identity card

You must then complete your profile by submitting your personal details, housing preferences (the type of house you are applying for).

Upon registration, your details are verified with the relevant government stakeholders for authenticity

                       2. CONTRIBUTE

Upon registration, you are allocated a unique identification number which you will use to make your monthly contribution to the Housing Fund.

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The following contribution schemes are supported:

  1. Statutory Contributor

    • Mandatory contributions are capped at KES 2,500 per month per employee and employer

  2. Voluntary Contributor

    • Monthly contributions are not capped
    • Voluntary contributions will not be taxed at time of withdrawal

  3. Joint Contributor

    • Spousal or joint contribution can be made towards ownership of one house at a time
    • There is also an option to apply for one individually

Contributions to the Housing Fund can be accessed on the sooner of 15 years after a member’s first contribution or the attainment of retirement age.

             3. OWN

Allocation of houses to qualified applicants would start as soon as the construction of the affordable houses begins. The (allocation) process for the available houses would be done in a regular, fair and transparent system free of any human intervention and contact.

The initial eligibility for allocation will depend on several factors such as when you registered, family status as well as demand across the housing categories.

Those who do not get an allocation in the initial allocation are then put on a waiting list to ensure that they get priority in subsequent allocations.

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