Court faults HFCB in mortgage row, orders fresh loan audit
The Kenyan High Court has partially ruled in favor of HFCB in a mortgage dispute, overturning a refund order while acknowledging the lender breached contract terms regarding interest rate notices. The court has ordered an independent audit to determine if any overcharges actually occurred.
Why it matters
This case highlights the importance of transparency in banking contracts and the legal risks financial institutions face when failing to adhere to notice requirements for interest rate adjustments.
Listed mortgage lender HFCB Kenya (formerly HFC, Housing Finance, HF Group) has secured a partial court victory after the High Court overturned an order requiring it to refund a borrower Sh8.4 million over a disputed mortgage account.
The article reports on a legal proceeding with a balanced summary of both the lender's partial victory and the borrower's upheld claims of contract breach.
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