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Banks increase loan rates & tariffs!

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Boris Boyka		#11 Posted : Tuesday, October 20, 2015 8:55:07 PM
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here		Chaka wrote: hardwood wrote: How the hell are we supposed to service our current loans at 27pc? This govt is failing us big time. Did UK address this issue in his mashujaa address to the nation?I didn't listen to the speech. He avoided it completely, the economy, money,dollar, intetest rates e.t.c. He just stuck to blanket statements and infrastructure.Too hot to tall about as either way he'll be cornered. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Boris Boyka		#12 Posted : Tuesday, October 20, 2015 9:02:21 PM
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here		dunkang wrote: Boris Boyka wrote: dunkang wrote: Boris Boyka wrote: Owing to the prevailing conditions banks have increased the interest rates on new and existing loans. In 2012 same thing happened and many Kenyans were not aware until later on going to confirm loan balances and found high balances. Having been victim my loan was increased by 4months. I found it prudent to have this thread to help us in knowing what various banks would be charging on loans & other products and the effects. Ericsson Wrote Stanchart increases interest rate on loans in Kenya shillings to 27% effective 19 November 2015. The payment amount will remain the same but tenure will be increased by 22 months. SAY WHAT!!! BY 22 Months? Hiyo ni default roho safi! Not unless it's a 15 year mortgage that has existed for less than 3 years, mimi hiyo silipi! Surely the loan is btwn 5M - 10M with repayment period above 72 months. Interest having jumped from 18-20% to a whopping 27%. 4M at 20% in 72 months after increasing to 27% with less than 3 months payment results in 10-12 months increase in repayment period. Eti a 4M loan issued at 20% rate for a period of 6 years now requires 12 additional months for the same repayment amount at 27%. I think am drunk, let me go pee. If you have a loan of 500k with repayment period 2yrs and above and the rates remain high for longer period, then expect tenure increase of about 6 months and above. Banks have increased rates by 5-7%. Let's wait for each affected customer to say their particular experience. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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winmak		#13 Posted : Tuesday, October 20, 2015 9:03:28 PM
Rank: Member Joined: 12/1/2007 Posts: 539 Location: Nakuru		I warned my brother in law against taking a 30 year mortgage 2 years ago, now I see a lot of weeping and gnashing of teeth... For investors as a whole, returns decrease as motion increases ~ WB
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hardwood		#14 Posted : Tuesday, October 20, 2015 9:56:57 PM
Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay		watesh wrote: 27% wtf...this is really really high...waaaay too high for someone to remain sane. If payment amounts remain the same but for a longer period, default wont be many I took a 5yr loan in 2012 and have been looking forward to finishing repayment in 2017. However the bank recently wrote to me that the rates have gone up and that they have extended the repayment period. They also said the credit card interest has also been hiked. This govt is really messing up our lives. They should be thrown out in 2017 since it seems economy will only get worse.
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enyands		#15 Posted : Tuesday, October 20, 2015 10:05:03 PM
Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya		hardwood wrote: watesh wrote: 27% wtf...this is really really high...waaaay too high for someone to remain sane. If payment amounts remain the same but for a longer period, default wont be many I took a 5yr loan in 2012 and have been looking forward to finishing repayment in 2017. However the bank recently wrote to me that the rates have gone up and that they have extended the repayment period. They also said the credit card interest has also been hiked. This govt is really messing up our lives. They should be thrown out in 2017 since it seems economy will only get worse. Buckle up for more to come . You wanted new maendeleo kunena na kusema ? Basi mulinena so it's time kusema
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Boris Boyka		#16 Posted : Wednesday, October 21, 2015 9:04:56 AM
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here		Quote: Barclays bank said it would be charging 3.9 per cent per month up from 3.7 per cent on amounts used on the card for purchase of goods if not settled within the grace period. NIC increased over-the-counter withdrawal fees in a move meant to push its clients to use ATM machines, among other channels of accessing cash. The bank charges Sh300 for withdrawal of less than Sh40,000 in the banking hall compared to Sh100 charged for withdrawing more than Sh40,000, which is the maximum amount accessible through ATMs. CBA introduced a fee of Sh350 for withdrawing less than Sh40,000 at the counter while anything above this is free. Standard Chartered introduced monthly tariffs to some of its personal accounts which were previously exempt. The bank’s monthly tariffs are between Sh499 and Sh1,000. http://www.businessdaily...244/-/exkyn/-/index.html Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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watesh		#17 Posted : Wednesday, October 21, 2015 9:11:32 AM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		winmak wrote: I warned my brother in law against taking a 30 year mortgage 2 years ago, now I see a lot of weeping and gnashing of teeth... Sasa hii itaongezwa to 40 years lmao thats past retirement age
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Boris Boyka		#18 Posted : Wednesday, October 21, 2015 9:14:48 AM
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here		watesh wrote: winmak wrote: I warned my brother in law against taking a 30 year mortgage 2 years ago, now I see a lot of weeping and gnashing of teeth... Sasa hii itaongezwa to 40 years lmao thats past retirement age Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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tmatekwa		#19 Posted : Wednesday, October 21, 2015 9:35:56 AM
Rank: Member Joined: 10/1/2007 Posts: 232		It is good that the discussion is devoid of tribal and political slur...we are all suffering now..
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MaichBlack		#20 Posted : Wednesday, October 21, 2015 9:45:25 AM
Rank: Elder Joined: 7/22/2009 Posts: 7,848		Boris Boyka wrote: watesh wrote: winmak wrote: I warned my brother in law against taking a 30 year mortgage 2 years ago, now I see a lot of weeping and gnashing of teeth... Sasa hii itaongezwa to 40 years lmao thats past retirement age Unacheka kwa mazishi @Boris??? Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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