Thousands of Kenyans to Lose Multi-Million Properties in New Crackdown
An aerial view of mansions in Lower Kabete and Kitisuru.
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The Central Bank of Kenya (CBK) on Wednesday, March 31, released data on credit defaults which shows that thousands of home owners defaulted on mortgage loan repayments, and therefore risk losing their homes among other properties.
The data by CBK showed that 14.5 per cent of all loans taken have been defaulted.
The new figure represents a sharp increase of all defaulted loans which stood at Ksh 349.94 billion at the end of February 2020, but hit Ksh 432.45 billion in the same period in 2021.