How cheap are affordable housing apartments?

[Githunguri]

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I want to buy one, please no need for insults.

(1) https://www.bomayangu.go.ke
The cheapest one in Athi river,Ruiru or Starehe 1 bedroom costs KES 1,500,000MN

(2) The deposit is 10% which is KES150,000
https://www.absabank.co.ke/personal/borrow/home-loan-calculator/

The loan calculator says that if i take a 20 year mortgage plan with an annual interest of 9% I will be making KES14000 monthly payments for a period of 20 years.

I currently live in Kibra,My monthly income is  KES 30,000.My wife is a Tailor,She earns KES 7000 a month.Our monthly rent is KES 5000.After deducting school fees,water,electricity,gas,phone,transport,food bills,We are almost left with nothing.After deep consultation with my lovely wife,we have decided not to take up affordable housing project houses because we cannot afford to be paying rent for over 10000KES.

Please enlighten us incase we have made a mistake.

[Githunguri]

Employees who earn below KES 50, 000 will get housing under the tenant purchase scheme. However, those who earn over KES 50, 000 will qualify for a seven percent mortgage payable within 15 years. Other benefits of this housing levy fund include.

absabank.co.ke/personal/borrow/home-loan-calculator/
If i take the 2MN loan at 7% loan with 15 year repayment, It means ill be paying 19000 per month for 15years.
If i take the 1.5MN loan house at 7% annual loan with a 15 year repayment plan,It means ill be paying 14800 per month for 15 years.
After that you have to factor utilities.

Location, Are these houses near your place of work?
Can us the slum dwellers afford them?NO.

[RV Pundit]

There is a lot of literature out there on AHP.
Anyone earning 100K -> very few (3%) - should qualify for current mortgages.
50-100K -> About 20% of all employees - this huge mortgage gap - KMRC can probably fix them - if they can subsidize their interest rates. KMRC will talk to the bank - who is willing to give you mortgage of 15% - and take half of that - and you pay 8%.
20-50k - this bulk of employees - 70% -  this is where gov has to subsidize both mortgage and construction cost.
13-20K - small % - social housing - can never afford mortgage

Someone living in slums can never afford AFFORDABLE housing. They are in the social housing category. Kibera slums are being upgraded into small studios or single self-contained rooms.

There are many types of AHP.
If you qualify for full package - you're suppose to sell a 3 bedroom for 3m; 2 bed for 2m; 1 bed for 1M; studio for 600K.
Full package - mean you get free land, tax free on inputs, profits, name.

Example: Park Road.

If you qualify for half the package - mostly zero taxes on inputs and profits -  gov requires you sell units slightly cheaper.

I have bought into two AFP on that scheme - Mzizi - I bought 3 bedroom for 9.6m - if it wasnt AHP - I probably would have paid 15M.

I bought into Unity East for 5M - I probably would have paid 7m - if it wasnt AHP.

So any property you see written "Affordable" likely means they have qualified for some rebate or concession from gov - most ideally taxes. You want to take advantage of it.

I want to buy one, please no need for insults.

(1) https://www.bomayangu.go.ke
The cheapest one in Athi river,Ruiru or Starehe 1 bedroom costs KES 1,500,000MN

(2) The deposit is 10% which is KES150,000
https://www.absabank.co.ke/personal/borrow/home-loan-calculator/

The loan calculator says that if i take a 20 year mortgage plan with an annual interest of 9% I will be making KES14000 monthly payments for a period of 20 years.

I currently live in Kibra,My monthly income is  KES 30,000.My wife is a Tailor,She earns KES 7000 a month.Our monthly rent is KES 5000.After deducting school fees,water,electricity,gas,phone,transport,food bills,We are almost left with nothing.After deep consultation with my lovely wife,we have decided not to take up affordable housing project houses because we cannot afford to be paying rent for over 10000KES.

Please enlighten us incase we have made a mistake.