How to get a Mortgage when self employed.

Professional advice With Lamudi Kenya

By Abel Muhatia @abelmuhatia

Most lenders tend to have a reservation about financing projects of self-employed personnel.  In relation to this, most the lenders see you as a liability when it comes to repaying the loan.

The good news is finally here; with the following steps you will realize that there is a mortgage products tailor made to suit you!

1.To prove that your means of income is legitimate, you will first need to have all documents in place.

2.Keep the history of your company near, including its profile and background.

3.Have proper financial records for your business. That include audited financial records of upto the last 3 years This is critical as it will determine how much credit you are eligible for.

4.Have your bank statements ready. This will prove your ability to repay the loans.

5.Always do not borrow more than two and a half times your annual gross income.

6.Get a sales agreement for the property accompanied by a copy of the ID/Passport for the directors of your company and a copy of the Kenya Revenue Authority (KRA) pin.

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About the Author

Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke