Nyumba Yangu Savings Account

Nyumba Yangu is a savings account uniquely desired for individuals who desire to save towards home ownership. It is a savings plan established under the Income Tax Act (Cap470) of the laws of Kenya.

Features & Benefits

  • Tax exemption on amounts upto Kes 8,000 p.m or Kes 96,000 p.a.
  • No withholding tax on savings upto Kes 3M. For amounts above Kes 3M withholding tax is calculated at 15%.
  • Unrestricted deposits.
  • No ATM card.
  • No ledger fees.
  • Opening balance Kes 1,000.
  • Withdrawals restricted towards housing only* Maximum account tenor is 10 years.
  • Nyumba yangu letter for check off sent to employer.

* Evidence that money is going towards property ownership if not, client forfeits tax benefits associated with the product.

TIPS

What Motivates Purchase Towards Off-Plan Projects?

There are several factors that influence purchase towards off plan projects

Your Level of Debt Commitment Matters

If you are submitting a mortgage application, the last thing any prospective lender will want to

You Need Proof of Income in Order to Qualify for a Mortgage

Banks will want to see proof of how much you earn.

You need to produce at least 3 months