Kenyan Man Builds Modern House Using University Fees Loan
Whereas the funds are to be used solely for education purposes, many students often use the funds disbursed in various ways that the recipients see fit.
REBP
The Kenyan Government provides sustainable finance to Kenyans pursuing Higher Education through the Higher Education Loans Board.
Whereas the funds are to be used solely for education purposes, many students often use the funds disbursed in various ways that the recipients see fit.
One Chris Maoga is one, like many of his peers, who decided to redirect the funds for other education-unrelated ventures. The University of Nairobi (UoN) alumnus built himself a modern one-bedroomed house using the HELB loan funds.
According to Chris, it took him over one and a half years to build the brick-walled house, whose cost is estimated to be more than Ksh200,000. That amount excludes the cost incurred to do the interior décor.
[Image of inside Chris' one-bedroomed house. Photo/Courtesy]
Speaking to a local daily, Chris stated: "I started it in 2018. It was completed in early 2020. The house cost KSh 200,000. I would complement the amount with my winnings from betting. Out of the whole amount, KSh 140,000 was from the HELB loan,.”
He further noted that since he used a huge chunk of the HELP loan to construct his house, he was able to settle his tuition fees with bursary funds he used to receive from his constituency funds.
“I also used to get bursary money from my home CDF. That way it would be easy to compensate for some of the amount channeled on the construction,” he added.
The Mechanical Engineering graduate from UoN further mentioned that he plans to construct a bigger house in the future noting that he needed to urgently put up a house since he had come of age and needed his own place.
If you have a real estate press release or any other information that you would like featured on African Real Estate Blog Post do reach out to us via email at [email protected]
