KMRC MORTGAGE (FARAJI READY HOMES LOAN)
This product is intended to empower members undertake development projects for ready houses with long-term benefits
- 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
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.
- 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.