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.
Banks wrote-off loans of GH¢2 18bn as bad debt in 2020
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Fitch see NPLs spike for Nigerian banks, other emerging markets
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Layoffs push 106,443 to default Helb loans
Monday March 15 2021
By LYNET IGADWAH
Summary
Job cuts lift non-performing student loans to Sh10.4bn in December from Sh6.7bn in June last year in the wake of Covid-19 economic woes.
Lawmakers are pushing to increase the grace period for Helb loans repayment to five years after graduation, to allow beneficiaries time to stabilise financially.
Young workers between the ages of 20 and 29 years accounted for over 60 per cent of the lost jobs last year, according to data from the Kenya National Bureau of Statistics (KNBS).
About 106, 443 former university students have defaulted on their Higher Education Loans Board (Helb) in the wake of Covid-19 pandemic that triggered layoffs, business closure and freeze in hiring.