THE EXTENT TO WHICH THE NATURE OF EMPLOYMENT DETERMINES THE USE OF MORTGAGE AS A SOURCE OF FINANCE IN NANDI SOUTH DISTRICT
Abstract
Owning a standard house is one ambition that most Kenyans share. Every Kenyan, formally or informally employed strive to have a place to call home. The Kenyan Government established a National Housing Cooperation to perform duties and have the powers conferred on it by the ‘The Housing Act’ (The Housing Act, Chapter 117, section 3). The roles of the cooperation include the development of decent and affordable housing and facilitation rural housing development. The vision of NHC is “A decently housed Nation”. The objective of this study was to determine the extent to which the type of employment influences the use of mortgage as an option for financing housing projects in Nandi South District. The study was conducted in Nandi South, Kenya. The target population was the current home owners. The study adopted a descriptive approach. Data presentation was done in tables after using questionnaires to collect the data. The analysis was done with the aid of SPSS. From the data collected and analyzed, it was observed that mortgage financing has not explored the rural market. The mortgage market should reduce their interest rate, increase the repayment period to reduce the monthly repayments and provide low-cost housing in order to compete with other methods of financing like SACCOSs.
Key Words: House Ownership, Housing Finance, Housing Development, Affordable Housing, Employment, Mortgage
CITATION: Otsyulah, J. O., & Kerubo, C. G. (2023). The extent to which the nature of employment determines the use of mortgage as a source of finance in Nandi South District. The Strategic Journal of Business & Change Management, 10 (2), 1397 – 1407.
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DOI: http://dx.doi.org/10.61426/sjbcm.v10i2.2672
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