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Ngara Civil servants housing project
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Zenge
#1 Posted : Wednesday, October 10, 2012 8:08:13 PM
Rank: Member

Joined: 4/7/2011
Posts: 105
The largest single housing project has been completed and inaugurated by the government today. It cost 2.2bn and comprises of 656 housng units etc etc.....
Is there a way for non-civil servants to join in and what was the criteria for the civil servants to join.
At a mortgage interest of 5% (dont know if its fixed or floating rate) this is a real dream come true for most..
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Gordon Gekko
#2 Posted : Wednesday, October 10, 2012 8:48:09 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
"The largest single housing project " You have not been to Buru buru (5,000 units before all the extensions and sqs) and Nyayo Embakasi (> 2,000 and counting).
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Jamani
#3 Posted : Wednesday, October 10, 2012 10:41:00 PM
Rank: Elder

Joined: 9/12/2006
Posts: 1,554
Quote: "The Ngara Civil Servants Housing Estate near the Kenya Institute of Education (KIE) became ready for occupation last Monday and consists of two and three bedroom apartments each valued at Sh3.2 million and Sh4.2 million respectively..............“Nobody will lend you money at five per cent to go build a house; that rate is a special thing,” added the President, referring to the interest applicable to the civil servants when paying for the new homes."
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  | | Edit by user: Wednesday, October 10, 2012 10:43 PM | Reason: Not specified
richdad
#4 Posted : Wednesday, October 10, 2012 11:20:50 PM
Rank: Member

Joined: 2/12/2010
Posts: 474
Location: Nairobi
Is the CJ getting one of those or are they still in search?
Keep it simple
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Zenge
#5 Posted : Wednesday, October 10, 2012 11:51:35 PM
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Joined: 4/7/2011
Posts: 105
I hope the guys in Ministry of Jiam have not grabbed everything
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VituVingiSana
#6 Posted : Thursday, October 11, 2012 12:00:20 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
So the taxpayer is subsidizing the civil servants. Again. Let them pay market rates like the rest of us so they understand our pain.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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shygal
#7 Posted : Thursday, October 11, 2012 6:43:59 AM
Rank: New-farer

Joined: 12/31/2011
Posts: 90
But then again, how many civil servants would afford a morgage for a house valued at between sh.3.2M and sh.4.2M even at an interest rate of 5%? They should have also develop some I Million shillings houses which would have been been more affordable.
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guru267
#8 Posted : Thursday, October 11, 2012 6:50:25 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
shygal wrote:
But then again, how many civil servants would afford a morgage for a house valued at between sh.3.2M and sh.4.2M even at an interest rate of 5%? They should have also develop some I Million shillings houses which would have been been more affordable.


Its is sooo affordable that its annoying..

Anyone taking a 15year mortgage will only have to pay less than 20k per month...That is cheaper than rent in many places!!
Mark 12:29
Deuteronomy 4:16
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dunkang
#9 Posted : Thursday, October 11, 2012 8:31:02 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
guru267 wrote:
shygal wrote:
But then again, how many civil servants would afford a morgage for a house valued at between sh.3.2M and sh.4.2M even at an interest rate of 5%? They should have also develop some I Million shillings houses which would have been been more affordable.


Its is sooo affordable that its annoying..

Anyone taking a 15year mortgage will only have to pay less than 20k per month...That is cheaper than rent in many places!!


Mind you its Ngara, a mile away from the CBD.
Receive with simplicity everything that happens to you.” ― Rashi

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bwenyenye
#10 Posted : Thursday, October 11, 2012 8:56:53 AM
Rank: Elder

Joined: 5/24/2007
Posts: 1,805
For them to get rates of 5%, there will most likely be a cash backed or govt guaranteed lending. This means that MY & YOUR MONEY will earn 0% so that a fellow who is hardly in the office and is mostly active in his matatu and strikes for pay increase gets a 5% rate......( while I work harder and repay mine at 20% ( this will most likely go up coz the govt has to borrow to keep idle funds in an account somewhere)

Kenyans,we are being Scr****ed more every day....
I Think Therefore I Am
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