Let’s be honest. Nobody wakes up excited to compare mortgage rates. But if you're planning to own a home in Kenya, this step can literally save you hundreds of thousands of shillings.
This guide helps you compare mortgage rates in Kenya from top banks.
Why Interest Rate Isn’t Everything

Most Kenyan banks offer mortgage interest rates between 12% and 15%, depending on whether the rate is fixed or variable. But the lowest number isn’t always the cheapest option in the long run.
Instead of focusing only on the interest rate, compare the Annual Percentage Rate (APR). The APR factors in fees, insurance, and other costs. This in turn gives you a better idea of what you'll really pay.
Beyond interest rates, look at the loan tenure, down payment requirements, legal fees, and whether the bank allows early repayment without penalties. Some banks make it a nightmare to refinance or exit your loan, while others keep it flexible.
Also, think about how stable your income is. If your cash flow is unpredictable, a fixed-rate loan might give you peace of mind. If you expect your income to grow steadily, a variable-rate loan might offer better savings long term.
The Big Players: What They're Offering
KCB

It is known for being mortgage friendly. They offer rates from around 13%, and their KCB S&L Mortgage is popular among first-time buyers. Their process is streamlined, and they have a variety of loan options including plot and construction financing.
Co-operative Bank

Usually keeps rates around 13.3% to 14%, and they’re great if you want to pair your loan with other services like insurance. They also tend to be flexible with civil servants and salaried customers.
NCBA

They recently stood out with their low introductory rates. Some as low as 11.9%, especially for earners with high incomes or borrowers with clean credit. But, subject to qualification criteria and current bank policy. But watch out for step-up clauses where rates adjust after the first few years.
Absa Bank Kenya

It is aggressive in the mortgage space too. Absa Bank Kenya currently offers mortgage rates from around 14.6% per annum on a reducing balance basis, with select promotions as low as 9.5% for specific properties.
Stanbic and Standard Chartered

Both target high-end clients, offering slightly higher rates but top-notch customer service, quick turnaround times, and premium home loan packages. Stanbic, through its partnership with the Kenya Mortgage Refinance Company (KMRC), offers fixed-rate mortgages starting at 9.5% per annum for qualifying affordable housing projects.
However, typical mortgage rates for both banks currently range between 16% and 17%, depending on the loan type and borrower profile. Expect to pay more for the premium experience, faster processing, and flexible repayment options.