Frequently Asked Questions

How can we assist you today?

What is the minimum age for applying for SBM Mortgage Loan?

You must be at least 18 years of age at the time of application.

Can I apply for more than one product when applying for the Mortgage Loan?

Yes, you can. The Mortgage loan is bundled with a credit card and an insurance premium finance product to ensure that our customers enjoys peace of mind when applying for the mortgage loan.

Can I apply for an SBM Mortgage Loan if I do not bank with SBM?

Yes, you definitely can. SBM Mortgage Loan is available to both existing SBM account holders and non-account holders. However, non-account holders will be required to open an account with SBM Bank during application. One month's salary has to be sighted in the account before the mortgage is approved.

What are the closing costs when applying for a Mortgage?

The Mortgage Loan has several closing costs that are associated with it such as: -

  • Commitment fee - 1% of loan amount
  • Stamp Duty - 4% of selling price payable to the Government (For Purchases)
  • Valuation fees - Pegged on value of the property offered as security
  • Legal fees - Payable to Lawyers for conveyance and registration services

What is the current pricing for the Mortgage Loans?

The Mortgage loan is priced at the Bank's base lending rate of 10.4% plus a margin of 3.1% which totals to 13.5% p.a

Why has the bank decided to start charging Mobile banking Charges?

The Central Bank had suspended charges related to transfer of money between bank and mobile phone transactions in 2020 at the onset of the Covid-19 Pandemic. This suspension was lifted in November 2022. Following the announcement by Central Bank of Kenya all banks are resuming the charges for Bank to Mobile phone (Wallet) transactions.

Are Wallet to Bank transactions also affected by this resumption of charges?

Mobile phone (Wallet) to Bank transactions were not affected by the suspension of charges. Customers will continue being charged as per existing tariffs.

When will the new Bank to Wallet charges take effect?

The new charges will be effected on 01-March-2023, as per prudential guidelines, after 30 days notification

Are the new charges subject to exercise duty?

All bank charges are subject to a 20% excise duty which the bank recovers on behalf of KRA

Who can I contact if I need more information?

a) 24/7 Contact Centre

Tel: +254 (0) 709 800 000, +254 (0) 730 175 000
WhatsApp: +254 773 758 196
Email: atyourservice@sbmbank.co.ke
Twitter: @sbmbankkenya
Facebook: SBM Bank Kenya

b) Visit any of our branches and we will be glad to assist.

c) Contact your Dedicated Relationship Manager.

For any queries please reach out to our 24/7 Contact Centre for further assistance:

Tel: +254 709 800 000 / +254 730 175 000
WhatsApp Chat : +254 773 758 196
Email: atyourservice@sbmbank.co.ke

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