Who Qualifies for Affordable Housing in Kenya
The mismatch between demand and supply in real estate in Kenya is a nightmare compared to the market. The government introduced affordable housing to bridge the housing gap. Many youths don’t have real estate knowledge and don’t know who qualifies for affordable housing in Kenya.
The Kenyan government had affordable housing under the big four projects, with some projects almost done. Let’s look at affordable housing in Kenya and how you can register for BOMA Yangu and start your journey to property ownership.
What is Affordable Housing
Affordable housing is a government project under the Boma Yangu Initiative that provides affordable housing for low-income earners, most of whom are young. It was aimed at helping low-income earners afford decent homes.
Who Qualifies for the BOMA Yangu Project?
The BOMA Yangu project is for people earning a minimum wage of Ksh. 49,999–15,000. You must be 18 years old and register with the BOMA Yangu portal to be considered for a house. You will also need to have a KRA pin.
How do I Join BOMA Yangu?
BOMA Yangu is an online getaway where Kenyans who qualify for affordable housing register and apply for houses as they make their contributions. It’s a nationwide program depending on where you need affordable housing.
Step by Step on how to join BOMA Yangu
- You must be a Kenyan and be above 18 years of age.
- Must have a valid national identity card.
- Register at the BOMA Yangu portal by creating an account.
Check out the projects and inquire about the monthly deductions, the down payment needed for a particular project, and the number of bedrooms you would like.
How do you pay for Boma Yangu?
You can make monthly contributions through your account with the unique number you will be given once registered. Make your contribution through Mpesa through pay bill 005500 or authorized banks. You can check the list of authorized banks on the Boma Yangu website and ensure you provide your ID when contributing.
Factors affecting Youth Ownership in Kenya
One of the things affecting youth from going for affordable housing are:
The bill of rights in the constitution requires the government to channel resources and prioritize affordable housing as a right for all Kenyans.
The annual demand for housing is still way higher than the supply; the few in the market are priced higher than what consumers are willing to pay.
Lack of Securitization
Proper housing includes space, sanitization, accessibility, electricity supply, and safety. It gives people dignity, but it’s still far from being achieved. As a result, the burgeoning of slums increases insecurity and poor living standards.
It’s about a solid investment one should make in the future; Oprah Winfrey once said, “I will always believe that buying a house is a great investment, why? Because you can’t live in the stock certificate or mutual fund”.
Your dream of home ownership may seem far away, but by registering for affordable housing with affordable monthly contributions to your account. Owning a home as a youth with a low minimum wage is possible.