The Amaka Fund is a Collective Investment Scheme, a fund whose focus will be to aid Kenyans in their home ownership journey by providing access to funding for the purchase of affordable housing units under the Affordable Housing Programme. 

The fund comprises two funds; the Amaka Home Ownership Savings Plan Fixed Income (HOSP) Fund and the Amaka Qualified Investor Tenant Purchase Schemes (QI) Fund.

The Amaka Home Ownership Savings Plan (HOSP) Fixed Income Fund is a fund regulated by the Capital Markets Authority, that allows potential homeowners to save towards home ownership with their savings earning a return. 

First, you need to sign up on the Amaka portal, where you fill in all your information. Once you are set up, you can begin saving, starting with an initial contribution of Kshs 500, after which you can make contributions of any amount, as frequently as you prefer.

The Amaka Tenant Purchase Scheme (TPS) is a home ownership plan provided by the Amaka Fund, that provides an avenue for  ownership of affordable residential housing. Under this scheme, those who are registered under the Amaka HOSP Fund are able to purchase housing units under the Affordable Housing Program by simply saving the deposit on their preferred unit and making the rest of the payments over an extended period of time.

In order to be eligible for allocation of a house, you need to:

1. I. Have specified your housing interests on the portal,

2. II. Have saved an equivalent of the minimum deposit payment for the housing unit that you are interested in from the projects listed on the Amaka portal.

You can send in your contributions via MPESA or bank transfer.

You can exit from the fund in two ways:

i) Through purchase of a house via the Amaka TPS,

ii) Through withdrawal of your savings after a period of three (3) years if no unit has been allocated.

A tenant purchase scheme refers to a home ownership plan where a home buyer makes a down payment on a property, and takes occupancy while making monthly payments for an agreed period of time to cover the rest of the cost of the property.

A tenant purchase scheme offers the following benefits;

1. 1. a)  The monthly payments in a tenant purchase scheme are spread out over an extended period of time, allowing people who would otherwise not be able to pay the full cost upfront to own property by making flexible payments.

   2. b)  A tenant purchase scheme allows the buyers to access the property immediately after making the down payment, thus foregoing the costs they would otherwise be paying to occupy alternative housing under traditional purchase arrangements.

   3. c)  In most cases, tenant-purchase schemes offer simpler and faster qualification processes as compared to mortgage purchase.

   4. d)  The Amaka Tenant Purchase Scheme is tied to projects under the Affordable Housing Program, allowing buyers to access housing at subsidized costs compared to market rates.

Anyone with the ability to raise the minimum deposit towards a unit and make the monthly payments is eligible for purchase of housing through a tenant purchase agreement. This allows people with less traditional sources of income such as business persons and self-employed persons, and even lower-income earners (a majority of whom are excluded from accessing mortgage facilities and other conventional financing options) to be able to own housing. 

In a tenant purchase scheme, the property remains under ownership of the seller, and the title to the property will only pass once the price of the unit has been paid in full.

In addition to the monthly installments towards the purchase of the units, the home buyers in a tenant purchase scheme are also required to make payments relating to the occupancy of the house, such as service charge and utilities (water, electricity etc.)

Applicants are able to change their mind on units they have selected or wishlisted and remove them from their selection list.

If one meets the minimum deposit before project completion they have to wait till project completion for house allocation to be done. They can contribute more than the minimum deposit.

 After allocation they can move into the house or rent it out. However, full ownership is only given upon completion of full TPS repayments.