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Ngara Civil servants housing project
Rank: Member Joined: 4/7/2011 Posts: 105
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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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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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"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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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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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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Rank: Member Joined: 2/12/2010 Posts: 474 Location: Nairobi
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Is the CJ getting one of those or are they still in search? Keep it simple
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Rank: Member Joined: 4/7/2011 Posts: 105
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I hope the guys in Ministry of Jiam have not grabbed everything
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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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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Rank: New-farer Joined: 12/31/2011 Posts: 90
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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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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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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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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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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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Rank: Elder Joined: 5/24/2007 Posts: 1,805
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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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Rank: Veteran Joined: 8/25/2012 Posts: 1,826
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the location is very good, hope the estate management does a good job, in keeping order and security.
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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The best way to do it, is for the civil servant to get a morgage at market related rates according to his/her salary scale & then GoK pays 50% then the other 50% is met by the civil servant...how many civil servants are there? And how many estates of this type are they going to build? The governments role should be more focused on land delivery, if GoK or the CCN could avail more affordable land to property developers then most likely houses in Nairobi could be 50% cheaper.
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Rank: Member Joined: 5/19/2012 Posts: 552
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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. Most employees get some form of benefit that come with their jobs. For these guys, one of their benefits is the 5% interest rate on their mortgage. How many of us on leaving campus wanted to work for Govt.?? Your guess is as good as mine, so why are we complaining now when things seem to be looking up for those in the civil service? Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.... Leo Buscaglia
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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rryyzz 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. Most employees get some form of benefit that come with their jobs. For these guys, one of their benefits is the 5% interest rate on their mortgage. How many of us on leaving campus wanted to work for Govt.?? Your guess is as good as mine, so why are we complaining now when things seem to be looking up for those in the civil service? @rryyzz i totally agree with your point! The sad thing is that there are still very many skeptics of GOK here.. But soon they will be believers.. Mark 12:29 Deuteronomy 4:16
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Rank: Member Joined: 2/8/2007 Posts: 808
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Lost Government, I found the statement on rates by the HOS cynical. You are subsidizing civil servants who you recently added salaries. The subsidy is two fold, the cost of house relative to the market and the 5% rate.
I would have expected the HOS to say what his 'great' government is doing to alleviate the pain of borrowers who are borrowing at 20%+ and what his government is doing to ensure there is reasonable inventory levels completed each year.....
As for the houses they are worth much less than they are being sold...the real contraptions resembling the 'projects'
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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rryyzz 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. Most employees get some form of benefit that come with their jobs. For these guys, one of their benefits is the 5% interest rate on their mortgage. How many of us on leaving campus wanted to work for Govt.?? Your guess is as good as mine, so why are we complaining now when things seem to be looking up for those in the civil service? 1) No country became sustainably great based on working for the government. China's ascent started in 1979 AFTER the liberalization [encouragement of the private sector] not due to government jobs or largesse. 2) The civil service in Kenya is too large a % of the total workforce leading to inefficiencies & fiefdoms. The recurrent expenditure out-weighs development expenditure. The latter provides sustainable growth. 3) The self-employed taxpayer NOT the civil servant is the ultimate taxpayer in an economy like Kenya. Kenya has few extractive industries so the 'real income' is from the self-employed esp farmers. Everything else is a derivative. 4) Most civil servants are NOT as hard-working as the self-employed. They open at 9am & close at 5pm. To serve my customers, I will work over lunch, open early & almost always work beyond 5pm. I do not expect a pension, no subsidies, pay VAT, withholding tax, etc. My side hustle is my main hustle. My sick days means no income. My vacation days means no income. My time spent queuing at government offices since the (un)civil 'servant' is having tea, talking on the phone or gossiping means no income. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 3/24/2010 Posts: 677 Location: Nairobi
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I am going to use the words many of you use when someone here complains about their job or something of the sort. They are told stop complaining and quit your jobs and go into private sector e.t.c e.t.c. I guess if you have a problem with this you can also quit private sector and look for work with GOK and voila, cheap housing.
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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Dash wrote:I am going to use the words many of you use when someone here complains about their job or something of the sort. They are told stop complaining and quit your jobs and go into private sector e.t.c e.t.c. I guess if you have a problem with this you can also quit private sector and look for work with GOK and voila, cheap housing. Which is true but a problem too. At some point who pays taxes? Many European countries lost large portions of the 'wealthy' who opted to move elsewhere for tax purposes. The USA encouraged inward immigration of the 'doers' leading to massive intellectual capital inflows. Singapore is doing the same. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 10/9/2008 Posts: 5,389
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rryyzz wrote:Most employees get some form of benefit that come with their jobs. For these guys, one of their benefits is the 5% interest rate on their mortgage. How many of us on leaving campus wanted to work for Govt.?? Your guess is as good as mine, so why are we complaining now when things seem to be looking up for those in the civil service? Well said. No one complains here when companies give their employees interest free loans or banks give their employees loans at 6% when everyone else is being charged 20% plus interest. So let the govt employees also enjoy benefits from their employer.
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Rank: Elder Joined: 10/9/2008 Posts: 5,389
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Kausha wrote:Lost Government, I found the statement on rates by the HOS cynical. You are subsidizing civil servants who you recently added salaries. The subsidy is two fold, the cost of house relative to the market and the 5% rate.
I would have expected the HOS to say what his 'great' government is doing to alleviate the pain of borrowers who are borrowing at 20%+ and what his government is doing to ensure there is reasonable inventory levels completed each year.....
As for the houses they are worth much less than they are being sold...the real contraptions resembling the 'projects' Wivu???? The houses look good to me. They look just like the apartments in Kileleshwa etc only that civil servants will pay 3.2m instead of 16m.
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