Kenyans who default on their loans for President William Ruto's Affordable Housing scheme will be evicted sooner if new laws pass. The Senate on Tuesday, April 1, invited Kenyans to offer comments on the proposed changes that will force homeowners to make their payments on time, and failure to do so will result in their house being repossessed. In the Business Laws (Amendment) Bill, No. 51 of 2024, the Senate is seeking to reduce the notice period that a lender must observe before exercising the power of sale on properties under the affordable housing scheme.
Section 90 of the Land Act, Cap 280, mandates that a chargee (lender) must issue a three-month notice to the chargor (borrower), detailing the nature and extent of the default and the actions required to rectify it.
If an individual neglects to settle their overdue payment for four continuous months, they will be classified as a defaulter.
President William Ruto interacting with workers at the Affordbale Housing Programme in Garissa, Thursday, February 6, 2025.
