Features

Product Features

• Loan Issued: 10 times of member’s deposits
• Repayment period – 25 Years (300 months (10years for business income))
• Interest rate 8% pa ready homes & 9% p.a Construction
  loan.
• Maximum amount – Kshs. 10,500,000
• A 0.5% processing fee charge on the loan issued.
• Financing: up to 105% of the Mortgage value
• Buy off Mortgage from Bank.

QUALIFYING CRITERIA:

Salaried / employed borrowers:

• Be confirmed for permanent employment in their present positions.
• Must open/maintain accounts with the Sacco where the employer will channel the salary.
• Last repayment date shall not exceed the retirement age.
• Loan repayment must be on check off
• Proof that the borrower can meet the financing and other related costs e.g. stamp duty, lawyers’ fee, valuation reports etc.

QUALIFYING CRITERIA:

Self-employed borrowers:

• A professional, consultant, business owner who earns a regular monthly (and can demonstrate proof of such).
• In any other occupation with a verifiable stable long-term income source.
• Verifiable income from legal businesses is acceptable.
• Bank or FOSA statements for the last 6 months before application.
• Must have saved with the Sacco for 6 months.