CONSTRUCTION LOAN
Do you have land that you wish to develop?
- The amount borrowed shall not exceed Kshs 8 million; however, a higher loan amount may be approved subject to availability of funds.
- The maximum amount borrowed shall not exceed four (x4) times the member’s deposits.
- Interest is charged at 1% per month or 12% per annum on reducing balance.
- The repayment period shall be a maximum of 84 months.
- A non-refundable processing fee shall be recovered from the new loan as follows:
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- 1.5% for loans below Kshs 9 million and
- 2% for loans above Kshs 9 million
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- A member is entitled to another type of Loan only if the three times deposit rule could apply.
- A member can refinance after 6 months of repayment.