The Greenhouse, 2nd Floor
Adams Arcade, Ngong Road
P.O. Box 29310-00100, Nairobi
Tel: +254 729 933955, +254 737 933955
|What happens to my mortgage repayments if I should be retrenched?|
With the difficult economic times it is not surprising to be retrenched 2-3 times in your career. However, this should not stop you from owning a home. At TMC we have recently made innovations in our work with some insurance companies to develop a retrenchment cover that pays your mortgage for up to 9 months to allow you to either get another source of income or to make an informed decision about the next steps on your home.
The retrenchment cover sees to it that the most important asset of your life and the symbol of security is not pulled from under your feet just because you have lost your job.
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- The Mortgage Special Report Q3 2013
- Hass Index Q3 2013
- Hass Property Index 2nd Quarter 2013
- Mortgage Special Report for 2nd Quarter 2013
- TMC Mortgage Report Q1 2013
Is the deposit % same on an Islamic Mortgage as a normal Home Mortgage?
What the experts say
FALSE, It is against Islamic law to pay or receive interest, you arrange a sale price with the vendor as normal, however the bank pays the purchase price, then immediately sells the house to you at a higher price. It is a very private process and details remain undisclosed.
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