ADVOKS GLOBAL · KENYA
The Affordable Housing Regulations, 2025
11. Application for a loan for the development of a rural affordable housing unit
Edition: 2025-07-09 · In force
11. Application for a loan for the development of a rural affordable housing unit
(1)A person is eligible to apply for a loan for the development of a rural affordable housing unit, if that person—(a)has made voluntary savings with the Fund;(b)has not been allocated an affordable housing unit; and(c)has met the eligibility criteria specified in regulation 3.(2)A person who meets the criteria specified in paragraph (1) may submit to the Board an electronic application for a loan for the development of a rural affordable housing unit in Form 2 set out in the Schedule accompanied by—(b)a valuation report of the land issued by a valuer who is registered in accordance with the Valuers Act (Cap. 532);(d)a copy of the title to the land indicating that the land is registered in the name of the applicant;(e)a copy of the official search of the land indicating that the land is registered in the name of the applicant; and(f)a declaration that the loan shall be solely used for development of a rural affordable housing unit.(3)When determining an application made under paragraph (1), the Board may consider the following—(a)whether the applicant has an operational voluntary savings account with the Fund; and(b)whether the applicant has the ability to repay the amount applied.(4)The Board shall, within ninety days after an application made under paragraph (1), determine the application and notify the applicant in writing of its decision within fourteen days after the decision is made.(5)Where an application made under paragraph (1) is successful, the Board shall—(a)enter into an agreement with the applicant;(b)credit the amount borrowed to the account of the applicant in accordance with the agreement after the registration of a charge in favour of the Board; and(c)notify the applicant to take out a life insurance cover for the loan advanced.(6)The loan amount credited to a successful applicant under paragraph (6)(b) shall not exceed four million shillings.(7)Where an application under paragraph (1) is not successful, the Board shall specify the reasons for the decision in the notice issued under paragraph (5).