CAK flags 12 banks with hidden mortgage charges
CAK said the banks had been ordered to review home loan contracts.
What you need to know:
- CAK reviewed home loan contracts for 27 banks and found the information provided to consumers by 12 of them was incomplete, unclear, and unfavourable.
Home loan borrowers could get better terms after the competition watchdog directed 12 banks to revise their terms and conditions, citing hidden charges or skewed contracts against their clients.
The Competition Authority of Kenya (CAK) reviewed home loan contracts for 27 banks and found the information provided to consumers by 12 of them was incomplete, unclear, and unfavourable.
The anti-trust body found that KCB Bank, NCBA Bank, Absa Bank Kenya, DIB Bank Kenya, Mayfair Bank, Consolidated Bank, Victoria Commercial Bank and Bank of Baroda were some of the lenders with unfair mortgage contracts.
The competition watchdog said the banks had been ordered to review home loan contracts.
Eleven of the banks had complied while one requested for additional time.
Read more here
