Jeff Koinange’s homes auctioned over NCBA a Kshs 130 million debt, details below
Citizen TV’s Jeff Koinange’s villas auctioned
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Two four-bedroom villas owned by the famous JKL show host Jeff Koinange were auctioned on Monday April 6, 2020 over a Kshs 130 million bank debt.
The houses are located in the high-end Kitisuru area with each having an ample servant’s quarter.
The two villas sit on 0.67 acres of land and they will be sold once the auctioneer’s clock ticks on April 28, 2020.
NCBA bank is anticipating to recover at least Kshs 65 million from each villa.
Defaulted payment
According to Business Daily, Jeff Koinange has defaulted on the payment of a bank loan since 2019.
Confirming the news, Graham Investments said the long-overdue debt led to the auction.
Mr. Koinange is a renowned Kenyan journalist. Jeff Koinange was a former employee at CNN. He is currently working with Citizen TV as a host of the JKL Life.
Jeff Koinange is the latest prominent and opulent media personality to have fallen into tough times as he battles auctioneers over unpaid bank loans.
The Koinanges are struggling to hold onto their prime assets amidst ballooning bank loans as Kenya’s economy nosedives during this coronavirus pandemic era.
Jeff Koinange was residing in one of the villas and rented the second one.
Deposit
Graham Investments says that those interested in the purchase of the two villas through the auction should give a deposit of Kshs 5 million ahead of the upcoming bidding of the two homes which are currently valued at Kshs 200 million.
Default on mortgages has increased in the last few months following the distress in the real estate as the Kenyan economy slows down and property auctions go up.
The rise in loan defaulters is a sign of the struggles that mortgage holders are undergoing.
Besides, employers and firms have employed austerity measures to shield their profits including sending employees on unpaid leaves and job losses.
This has made workers who obtained mortgages via the strength of their payslips default creating a conducive environment for auctions.
Auctioneers have confirmed that they have held more auctions in the last two years associated with mortgage defaults.
They have also argued that banks have been too quick to seize property belonging to defaulters.
Dynamic weather patterns
Also, unpredictable weather patterns have seen a slow- down in the bank lending capacity creating a wide range of defaulting borrowers left at the mercy of aggressive lenders.
Former Cabinet Minister Suleiman Rashid Shakombo recently lost his house in Kilimani over a debt as Assistant Minister Stephen Tarus is battling an impending auction of his Karen home.
