KMRC MORTGAGE (FARAJI READY HOMES LOAN)

KMRC MORTGAGE (FARAJI READY HOMES LOAN)

This product is intended to empower members undertake development projects for ready houses with long-term benefits

Product Features

  • Loan Issued: 5 times of member’s deposits
  • Repayment period – 25 Years (300 months)
  • Interest rate – 8 % per annum on reducing balance.
  • Maximum amount – Kshs. 4,000,000
  • A 0.5% processing fee charge on the loan issued.
  • Financing: up to 100% of the Mortgage value

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.

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.
  • Mortgage Loan Limit: Up to Ksh. 4 Million allowed for Nairobi Metropolitan Area (Nairobi, Kiambu, Machakos & Kajiado) and Ksh. 3 Million elsewhere for households earning up to Ksh.150, 000 monthly.
  • Must have saved with the Sacco for one year.