KFL cuts housing loan rate to 7.75%

 KINA Finance Ltd (KFL) has reduced its home loan rate to 7.75% to make it affordable to home buyers, chief executive Syd Yates said. 

Yates said clients can borrow up to K500,000 on that rate. 

He said the Kina Finance special home loan interest rate is an introductory offer good for 12 months. 

“We want to make the loan as affordable as possible by our clients and customers.

“This offer is open to any new client who is interested in our rate offer and whoever who wants to purchase a house.” 

The rate is for a year, which means the 7.75% rate will not change during the first year.

After 12 month, customers will then pay the standard variable rate. 

According to Kina Finance website, the rate was basically designed to assist first home buyers to enter the market. 

It has a repayment of more than 20 and a loan establishment fee of K2,000. 

The minimum buyer contribution (equity) is 20% of loan, plus costs and there is a fortnightly or monthly options for the repayment.