MORTGAGE PRODUCT LOAN

This is a 100% home owning finance to our members in two ways:

a) MAKAO LOAN

  • Maximum of 25 years
  • A mortgage product targeting members who wish to purchase ready made residential property in cities, municipalities and towns in Kenya for owner occupation.
  • To enable the SAcco member to purchase ready built residential house for owner occupation.
  • Enable Members to purchase a residential house (for own use or rental income)

•  Up to 100% financing on residential housing. (SAcco will finance 90% of the purchase price and associated costs estimated at 10%).

•  Loan repayment duration of up to 25 years.

•  Mortgage protection cover to save guard against loss of income resulting disability or death of the borrower.

•  Mortgage Protection Insurance (MPI) cover limit up to Ksh.4M without need for medical checkup (minimum cover limit). A cushion against loss

of income for (24 months) resulting from corporate actions leading to retrenchment.

•  Interest rates at less than 10% (for affordable mortgages and

competitive interest rates for market mortgages).

•  Access to all other SAcco products (e.g. current account, savings products and other loans).

•  Owner occupied home borrower receive a tax relief of up to

Ksh. 150,000 annually.

b)         UJENZI LOAN (15-25 yRS)

A mortgage product targeting members who wish to develop their own homes in cities, municipalities and towns in Kenya for owner occupation.

• To enable a SAcco member to construct or improve a residential house for owner occupation

Up to 100% financing on residential housing construction.

• Member can purchase a plot and develop a home at his own taste and preference in a city, municipality and town in Kenya for owner occupation.

• Loan amount as determined by ability to pay as follows:

• Affordable Mortgages up to 7M

• Member to contribute 10% of purchase price

• Finance 90% of market price / open market valuation whichever is lower and other costs estimated at 10%.

Posted in LOAN PRODUCTS