Frequently Asked Questions

How can we assist you today?

What should I do if I have not received the OTP?

Please resubmit the transaction to trigger a new OTP. In case you still do not receive OTP, please dial *456*9*5*3# to check if SBM bank is listed under blocked sender with the Mobile Network Operator. If listed, please enable SMS from SBM Bank to be able to receive OTP. Please reach out to our Contact Centre for assistance as per details below.

New: To activate the email OTP function: Login to Mfukoni, go to Quick Links > Settings >Enable E-Mail OTP >Enter PIN. This option will come in handy when you are not receiving SMS OTP.

What should I do if I suddenly receive an OTP without logging in to my account?

Login and immediately change the PIN as you contact the bank for further assistance.

Note: SBM Bank Kenya will only send an OTP to your registered mobile number upon entry of your correct user ID and PIN. The OTP is a way of informing the customer of account access. Therefore, ensure to keep your username and password confidential at all times. Your PIN is your secret.

For further assistance, please reach out to our SBM Bank Contact Center.

  • Tel: +254 (0) 709 800 000 / +254 (0) 730 175 000
  • WhatsApp Chat: +254 (0) 773 758 196
  • Email:
  • Twitter: @sbmbankkenya
  • Facebook: SBM Bank Kenya

What is a Mortgage Loan?

It is a loan financed with the property being financed serving as the security or collateral backing the money that is lent by the Bank/Financial Institution. In the SBMK Mortgage loan product, you can buy a readily complete home, refinance your existing Mortgage, purchase a plot to Build or Move your existing mortgage balance to us, all at competitive interest rates and on reducing balance!

What are the various types of a Mortgage Loan?

There are several types of Mortgage Loans such as Straight purchase of a finished house/home, Construction Mortgage also known as “buy and build” (i.e. we buy the land and help you build a complete unit in it), Equity Release where we lend funds against the Forced Sale Value vis-à-vis the outstanding loan balance

How do I qualify for a Mortgage?

At SBM Bank, you can qualify for a Mortgage as shown below: -

  • For Retail customers: - The Debt to Service Ratio is pegged at 67% of the applicants Basic Monthly Salary. i.e. the applicants take
    home should be atleast 1/3 of the basic monthly salary as per the Government policy on the ⅔ Rule.
  • For Elite Customers: - The Debt to Income Ratio (DIR) is pegged at 60% of the applicant’s net monthly income

What documents are needed for a Mortgage Loan application?

The general requirements are as shown below;

  • Duly filled SBM loan application form
  • Original ID/Passport and copy
  • Original KRA PIN Certificate and copy
  • Certified Bank account statements for the last 6 months (For Non-SBM Bank customer)
  • Pay slips for the last 3 months (original or copy certified by employer)
  • Letter from employer confirming terms and conditions of employment
  • Copy of work permit (if non-Kenyan)

In addition, specific Mortgage types have different requirements as below: -

For Straight Home Purchase Applications

  • Identify a home you would like to purchase or get in touch with us to assist you with suitable home options.
  • Present applicable supporting documents as above.

For Home Equity Applications (Borrowing Against an existing developed property)

  • Present Copy of Title of your property.
  • SBM BANK will arrange for a valuation of the property. (Fees payable by applicant)
  • Present documents supporting your Income line (see overleaf).

To Construction Finance applications

  • Present Copy of Title of your property
  • Present your Building Plans & CV/Profile of an Architect
  • Present your Structural Drawings & CV/Profile of a Structural Engineer
  • Present your Bill of Quantities & CV/Profile of a Quantity Surveyor

How much can I borrow and for how long?

The minimum amount one can borrow is Kes. 2,000,000/- while the maximum amount depends on the income of the customer. The maximum repayment period is 20 years or retirement age, whichever is earlier.

Are there any charges on the Mortgage Loan?

There is a one off facility fees (processing fees) payment of 1 % of the loan amount. You will also pay credit life protection fees. If you do not pay the loan instalments in line with the agreed contractual terms then you may also incur default interest on any arrears. The rate and fees that apply to individual loans are fully disclosed in the Total Cost of Credit (TCC) form before signing the loan contract.

What is credit life protection fees?

It is a fee that covers the applicant against any calamity whereby should injury or sickness occur resulting in death or permanent disability, the outstanding loan will be paid up in full by the bank.

What happens in case I lose my job/income/revenue and I miss a repayment?

There is a retrenchment cover provided for up to 9 months loan repayments but subject to the retrenched customer remaining unemployed and subject to a max limit of Kes.2M. We know that things don’t always occur as planned. An important part of what we do is understanding your personal circumstances and helping you through those situations and difficult times. Get in touch with us immediately on 0709 800 000/ 0730 175 000 or visit your local branch to work out a suitable repayment plan.

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