Mortgage Loan
From Dreams To
Doorsteps
Unlock the Door to Your Dream Home with Ease
A mortgage loan is a type of loan used to purchase real estate. In a mortgage loan, the borrower receives funds from a Financial Institution to buy a home or property. The loan is secured by the property itself, meaning if the borrower fails to repay the loan as agreed, the lender has the right to take possession of the property through a process called foreclosure.
Loan Details
- The minimum loan amount under the Mortgage Loan Product shall be KES 11,000,001, while the maximum loan amount shall be KES 15,000,000, subject to the member meeting all eligibility requirements, availability of funds, and provision of adequate security acceptable to the SACCO.
- The maximum amount borrowed shall not exceed five (x5) times the member’s deposits.
- Interest is charged at 0.84% per month or 10% per annum on reducing balance.
- The repayment period shall not exceed 120 months.
- A non-refundable processing fee shall of Kshs 1.5% shall be recovered from the new loan.
- A member can refinance after 6 months of repayment.
- The cost of valuation and administration legal fee will be catered by the member and will be deducted from new loan.
Build Your
Financial Future
Key Benefits
Low interest rates of upto 1% on loans reducing balance
Great interest rates on your savings of upto 7% p.a.
Borrow upto 4x your savings amount
Extended repayment periods of upto 84 months