| Updated Wed, January 25th 2017 at 00:00 GMT +3House Residential Loan ApplicationIncreasing land prices will remain a key barrier to home ownership despite a drop in interest rates, experts say. This comes after Kenya Revenue Authority (KRA) announced the doubling of tax relief on mortgage repayment interest of up to Sh25,000 every month from January 1 this year. KRA giving tax payers a tax relief means that out of the total amount of money supposed to be paid as tax, the taxman subtracts some amount (called relief), leaving a reduced tax burden. Research Director at Kenya Bankers Association Jared Osoro said the move may not be adequate for as long as prices of land remain high. At Sh8.3 million, the mortgage size has more than doubled in the last six years from Sh4.1 million in 2010.

Source: Standard Digital January 24, 2017 18:44 UTC