Harambee Sacco is one of the best Saccos to join in Kenya. It offers you the opportunity to invest your money, take loans as well as earn dividends. Below we provide a review of the Sacco which will help you when joining it:

How to join Harambee Sacco(Membership Requirements)

1. You can fill the hardcopy membership form available at any the company’s branches or visit their website and download the form. There is also a link online which you will use to join.
2. Attach the requisite documents (Membership Requirements)
3. Deliver the filled application forms plus the required documents to the SACCO through Post Office, physical delivery at the SACCO Reception desk, Customer Service Points at the FOSA branches, through Harambee Pesa agents, our Business Development Executives (BDEs) or through e-mail (info@harambeesacco.com)
4. Pay the set membership fees at the time of application. (Kshs. 1,000). You can pay this amount using our paybill number 525200 with your ID as the account number. You can also deposit the funds at the FOSA or through our Harambee Pesa Agents.
5. Your membership application form will be verified and registered in the system upon which a membership number is generated and sent to you.

NOTE:

• Every applicant for membership must also be a member of the sink fund or Loan Protection Program and must therefore be willing to pay Kshs. 300 per month
• Every member shall be required to pay the prescribed share capital of Kshs. 30,000. A member should not worry about paying share capital as the Society allows members to pay in instalments until they meet their share capital requirement. It’s these shares that give you an ownership stake.
• A member shall be issued a copy of the By-laws upon request after paying the prescribed fees.

Who can Join

 Membership Categories

The following member categories are eligible to join Harambee DT SACCO Society Ltd.

Members under check-off arrangement

Employees working for Government and other reputable non-government Institutions – This category consists of employees working for government and/or other reputable institutions and employees of Harambee DT SACCO Society Ltd and its subsidiaries. The institutions must be willing to undertake an MOU with the society that guides how monthly member remittances shall be done.

Members under non-check off arrangement (Individuals)

1. Wafanisi – This category consists of existing members who join the Society while employed and on retirement wish to continue being members.
2. Individuals in formal employment with regular income – This category shall consist of Individuals who are employed and wish to join the Society (on an individual basis)
3. Diaspora members – This category consists of any Kenyan citizen living outside the country and has a regular legal income.
4. Spouses of our members – This category consists of the spouses of our members as long as they are employed or in business with regular income.
5. Children of our members – This category consists of the children of our members as long as they have attained 18 years of age.

 Groups (Chamas), Registered CBOs and NGOs

This category consists of legally registered Self Help Groups, Community Based Organizations (CBOs) and Non-Governmental Organizations (NGOs).

The groups, CBOs anlad NGOs shall be admitted into membership in accordance with the By-laws and the membership policy provided.

Corporates

1. Sole Proprietorship – Sole Proprietorship is the simplest legal form of a business entity. This category consists of registered businesses owned by individuals e.g. Salons, clinics, restaurants and retail stores e.t.c,
2. Partnerships – This category consists of registered business entities owned by more than one person and governed by a partnership deed.
3. Companies – This category consist of both Companies Limited by shares and Companies Limited by guarantee.

Shares Investment

Once a member applies for registration, he/she must purchase a minimum of 300 shares at Kshs. 100 which sums up to a total of Kshs. 30,000. It’s these shares that give you an ownership stake.

A member may at any time transfer his shares to another member but not to any other person. Such transfers must be in writing and at nominal value.

HARAMBEE SACCO BOSA PRODUCTS

BOSA Savings account

Member Deposits

Member deposits are a form of savings/Investment. A member can deposit money into this account any time through the various channels available. i.e.  Paybill 525200, Direct Deposit, and/or employer Check-off.

Features:

• BOSA Deposits are not withdrawable.
• Minimum monthly contribution is Kshs 3,000/- per month.
• When applying for loans, the minimum monthly contribution shall be adjusted depending on the loan amount as follows;
  From Kshs 1 up to Kshs 1,000,000 – Kshs 3,000/- per month From Kshs 1,000,001 and above – Kshs 5,000/- per month
• Earns interest annually
• Used to borrow loan X3 or X 4
• Used to guarantee loans.
• In case of death, the sink fund (insurance) scheme doubles the deposits of the deceased member and pays it to the next of kin

Bosa Loans

Types of loans:

Development Loan

Do you wish to fund an investment or purchase a property? This is a perfect option for you. Our Development loan product is a pocket friendly, all-purpose facility product designed to help members make improvements to or altogether fund their investments

Features

• Granted at maximum rate of 3 times the members deposits
• Maximum repayment period is 48 months
• Interest rate is 1% per month on reducing balance
• Loans disbursed every day of the month.
• Processing fees of 1% of loan. Maximum charge is Kshs 5,000/-
• Member can TOP UP all SACCO loans after repaying for 6 months at 0% commission
• Shares boost of 50% of member deposits is available for customers with ability to repay big loan but have less deposits

How to Apply:

To apply for development loan, you need to fill the loan application, ensure part 6 is signed and stamped by employer. Attach required documents (2 latest payslips and copy of ID), avail adequate guarantors. Deliver the documents physically to SACCO FOSA offices or send via EMS.

Members whom payslips are available on GHRIS platform can NOW apply online up to Kshs. 500,000.00

Emergency Loan

A crisis need not be stressful. Our members can easily access Emergency loans without breaking a sweat. This product is designed to cater for unexpected emergencies. We endeavor to disburse these loans within the shortest time possible as we understand that some needs present themselves when least expected or hoped for. Try our Emergency loan and experience the ease and convenience of accessing funds.

Features

• Granted at maximum rate of 3 times the members savings
• Maximum loan amount is Kshs 100,000/-
• Maximum repayment period is 12 months
• Interest rate is 1% per month on reducing balance amortized
• Processing fee of Kshs 1,500/-
• Loans disbursed within 2 hours.
• Member can TOP UP all SACCO loans after repaying for 6 months at 0% commission
• Shares boost of 50% of member deposits is available for customers with ability to repay big loan but have less deposits
• Available online

How to Apply:

To apply for Emergency loan, you need to fill the loan application, ensure part 6 is signed and stamped by employer. Attach required documents (2 latest payslips and copy of ID), avail adequate guarantors. Deliver the documents physically to SACCO FOSA offices or send via EMS.

Members whom payslips are available on GHRIS platform can NOW apply online up to Kshs. 100,000.00

To apply online; just Dial *346# on the M-SACCO platform and follow instructions including in-putting the mobile numbers of 2 guarantors. Guarantors will get SMS messages and will be required to login to M-Sacco and confirm that they have guaranteed the loan before the emergency loan can be fully processed, after verifying the GHRIS payslip.

Members are encouraged to register for M-sacco and get their ATM cards so that they can get their emergency loans even after the FOSA is closed

School Fees Loan

Education should no longer be stressful. School fees loan is a short-term product designed to enable our members’ access funds to meet the school fees obligations for themselves and their dependants. This product is processed daily and members do not need to produce fee structure or letter from an institution to access these funds.

Features

• Granted at maximum rate of 3 times the members savings
• No maximum loan amount.
• Maximum repayment period is 12 months
• Interest rate is 1% per month on reducing balance amortized
• Loans disbursed within 2 hours
• Processing fee is Kshs 1,500/-
• Can TOP UP all SACCO loans after paying for 6 months at 0% commission
• Member can TOP UP all SACCO loans after repaying for 6 months at 0% commission
• Shares boost of 50% of member deposits is available for customers with ability to repay big loan but have less deposits
• Available online

How to Apply:

To apply for School Fees loan, you need to fill the loan application, ensure part 6 is signed and stamped by employer. Attach required documents (2 latest payslips and copy of ID), avail adequate guarantors. Deliver the documents physically to SACCO FOSA offices or send via EMS.

Members whom payslips are available on GHRIS platform can NOW apply online

To apply online; just Dial *346# on the M-SACCO platform and follow instructions including in-putting the mobile numbers of 2 guarantors. Guarantors will get SMS messages and will be required to login to M-Sacco and confirm that they have guaranteed the loan before the emergency loan can be fully processed, after verifying the GHRIS payslip.

Members are encouraged to register for M-sacco and get their ATM cards so that they can get their School fees online loans even after the FOSA is closed

Karibu Loan

You want to settle in quickly and sooner embark on your journey to financial freedom after joining our SACCO? Here is the solution for you.  Karibu loan as the name suggests welcomes you to the SACCO. The product is designed to help new members who have little savings access cash for self-development without having to wait for the traditional 6 months. Try Karibu loan and see you dreams take a new twist.

Features

• Member can get a loan in 2 months after joining Sacco
• Maximum amount is 4 times the members savings
• Maximum repayment period is 72 months
• Processing fees of 1% of loan. Maximum charge is Kshs 7,000/-
• Interest rate is 1.25 % per month on reducing balance
• Maximum shares boost amount is Kshs 120,000/-
• Loans disbursed daily
• Can TOP UP all SACCO loans after paying for 6 months at 0% commission
• Member can TOP UP all SACCO loans after repaying for 6 months at 0% commission
• Shares boost of 50% of member deposits is available for customers with ability to repay big loan but have less deposits

How to Apply:

To apply for Karibu loan, you need to fill the loan application, ensure part 6 is signed and stamped by employer. Attach required documents (2 latest payslips and copy of ID), avail adequate guarantors. Deliver the documents physically to SACCO FOSA offices or send via EMS.

As a requirement to take Karibu loan, you need to pass your salary through FOSA.

Jisaidie Top-up Loan

At times 4 (x4) your savings, Jisaidie loan is one of our products set to change your investment paradigm. This facility is designed to cater for the needs of members who with long-term project and investments needs.

Features

• Granted at maximum rate of 4 times the members savings
• Maximum repayment period is 60 months
• Interest rate is 1.15 % per month on reducing balance
• Processing fees of 1% of loan. Maximum charge is Kshs 5,000/-
• Loans disbursed every day of the month
• Can Top up of all Sacco Loans after repaying for 6 months at 0 % charge
• Shares boost of 50% of member deposits is available for customers with ability to repay big loan but have less deposits
• Can buy off loans from other financial institutions

How to Apply:

To apply for Jisaidie loan, you need to fill the loan application, ensure part 6 is signed and stamped by employer. Attach required documents (2 latest payslips and copy of ID), avail adequate guarantors. Deliver the documents physically to SACCO FOSA offices or send via EMS.

Jisaidie 72 Top-up Loan

This facility is designed to cater for the needs of members who have long-term project and investments. The facility particularly favors members who salaries pass through FOSA.

Features

• Granted at maximum rate of 4 times the members savings
• Maximum repayment period is 72 months
• Member Salary must be passing through FOSA
• Interest rate is 1.15 % per month on reducing balance
• Processing fees of 1% of loan. Maximum charge is Kshs 5,000/-
• Loans disbursed every day of the month.
• Can TOP UP all SACCO loans after repaying for 6 months at 0 % charge
• Shares boost of 50% of member deposits is available for customers with ability to repay big loan but have less deposits
• Can buy off loans from other financial institutions

How to Apply:

To apply for Jisaidie 72  Top Up loan, you need to fill the loan application, ensure part 6 is signed and stamped by employer. Attach required documents (2 latest payslips and copy of ID), avail adequate guarantors. Deliver the documents physically to SACCO FOSA offices or send via EMS.

Inuka Loan

• Granted at maximum rate of 4 times the members deposits.
• Maximum repayment period is 84 months.
• Salary must be passing through FOSA.
• Processing fees of 1% of loan. Maximum charge is Kshs 10,000/-.
• Loans disbursed every day of the month.
• Loan disbursed through FOSA Savings account.
• Can Top up ALL SACCO loans after paying for 6 months and buy out Bank loans.
• Shares boost available for customers with ability to repay big loan but have less deposits.

(Maximum shares boost is 50% of member’s deposits).

NB: The INUKA loan is available on-line up to Kshs 1,000,000/-. To apply dial *357#

Bima Advance

• Granted at a maximum rate of 3 times the members deposits.
• Maximum repayment period is 10 months.
• Processing fee: Kshs 1,500/-.
• No minimum premiums to be financed.
• Maximum loan size to be based on member ability to repay in 10 instalments, based on the insurance premium quotation.
• Loan disbursed through FOSA account and immediately transferred to a holding account for onward transmission to the Insurance company.

Shamba Loan

• The Society to finance 80% of the purchase price while the member to pay 20%.
• Member to provide evidence of payment of the 20% made to the Harambee Investment Cooperative Society Ltd (HICS).
• The maximum loan limit is Kshs. 2,000,000/=. (Kshs Two million only)
• Loan multiplier: maximum of 4 times member’s BOSA deposits
• The loan is guaranteed by the title deed of the land being purchased, members deposits and / or guarantors.
• The loan shall be paid directly to the Harambee Investment Co-operative Society Limited or any identified vendor as per the agreement of purchase.
• A Loan Commitment Form shall be signed by three parties i.e., the borrower, the Harambee Investment Co-operative Society Ltd / Vendor and Harambee Sacco Society signatories.
• Valuation of the land where necessary shall be done by the Harambee SACCO appointed valuers.
• Title deed shall bear the member’s name(s), but the member will sign transfer forms and provide other necessary documents just in case of default, the SACCO will be able to dispose the property.
• The Title deed and the signed transfer forms will be kept in safe custody by the SACCO. The Title deed will be released to the member after full repayment of the loan.
• The costs of valuation, Title deed registration, stamp duty, legal fees and any other incidental costs shall be borne by the member.
• There will be no loan top-up facility for this loan product.
• Loan repayment shall be on check-off, standing order or direct debit orders.
• A processing fee of 1% will be charged up to a maximum of Kshs10,000/-.
• Repayment Period: Maximum repayment period is 48 months.

FOSA PRODUCTS

FOSA Savings

Fosa Salary Account

• Offers members opportunity to have withdrawable savings
• Minimum account balance is Kshs 1,000/-
• Comes with Saccolink ATM Card and M-CASH
• All loans are credited to this account after approval
• Customers can also receive their salaries through this account
• Salary advance and other advances available to customers who receive their salaries through this account.

How to open FOSA Salary Account

This account is automatic upon registration of a new member. This is the account in which member funds e.g. loans and dividends are credited.Members can also receive salaries through this account. As such, a member is required to fill the Salary Agreement form provided here and deliver to any FOSA office or send via EMS.

FEDHA Fixed Deposit Account

Members who want to fix a certain amount of money for an agreed period of time can open a Fedha Fixed Deposit Account and earn lucrative interest on their savings.

Features and benefits:-

• Minimum amount – Kshs 10,000/-
• This product is open to individual Members
• There is no monthly charge
• It is flexible: Members can save for between 3 to 12 months
• Attractive interest payable as shown below

How to Open a FEDHA Fixed Deposit Account:

You can download the Fedha Fixed Deposit Account, fill and deliver the form physically to the Sacco or send via EMS.You can also down the form, fill and send as attachment through info@harambeesacco.com

Toto Junior Account

It is said that “Children see in their parents their past, parents see in their children their future…..” The Toto Junior Account is a stepping stone set up to support the child as they grow up and teach them the value of investing.

Features and benefits

• All registrations done in FOSA
• Minimum account balance – Kshs 1,000/-
• Minimum monthly savings – Kshs 500/-
• Minimum interest earning balance – Kshs 5,000/-
• Contributions can be made via checkoff, standing orders or cash
• Account attracts an interest rate of 4.5% per annum payable at the end of every financial year
• Free 3 withdrawals with bankers cheque for school fees (Above 3 withdrawals normal charges will be levied)
•   Birthday SMS for account holders
•   Free Piggy Bank issued for any account holder with Savings of Kshs 5,000/- and above.

How to Open a Toto Junior Account

You can download this Toto Junior Account Opening form, fill and deliver the form physically to the Sacco or send via EMS.

You can also down the form, fill and send as attachment through info@harambeesacco.com

The form is available on the website

FOSA LOANS

Shares Boost Advance​

Despite having little savings, a member can automatically increase his/her loan borrowing powers by utilizing the Share Boost Loan Product. This product is suitable for members who have sufficient income/salary but are limited because of less deposits at the Sacco.

How Share boost Advance works:-

Maximum shares boost facility amount is 50% of a member’s deposits

• Maximum shares boost facility amount is 50% of a member’s deposits:

•   A member qualifies for half the amount of their desposits e.g. with Kshs. 500,000 deposits, a member can qualify for up to 50% of deposits which is Kshs. 250,000. With deposits of Kshs. 750,000 a member can take a loan of up to Kshs. 4,000,000 as opposed to Kshs. 2,000,000 that he/she would qualify for without a share boost.

• Member is eligible for only 1 shares-boost loan per year
• Maximum shares boost amount per year is Kshs 500,000/-
• New deposits as a result of shares-boost qualify for dividends earnings
• Can apply for only one shares-boost loan in one calendar year
• 20% commission charged on shares-boost granted
• Shares-boost loan is recovered up-front from the loan granted

How to apply:

This facility is integrated in the current Loan Application Process. All you do is indicate on the Loan Application Form for consideration.

Salary Advance

This unique product is a medium term financing solution for members whose salaries pass through FOSA

Features:-

• Available to customers who receive their salaries through FOSA for at least 2 months
• Maximum repayment period is 24 Months
• Interest rate – 14 % Per Annum
• Repaid using the customer’s net pay (Up to 80 % of net pay can be used)
• Maximum Advance Amount – Kshs 1,000,000
• Up to Kes. 500,000 can be availed online via mobile phone
• Processing fees of 1%
• Must be fully guaranteed (at least 4 guarantors)
• Attach latest payslip
• Use of facilitative allowance considered for KDF members
• Advances processed and paid daily
• Can TOP UP ALL SACCO LOANS after paying for 6 months
• Bridging commission of 0 % is charged on the topped-up loan balance.
• No change of pay point until salary advance is cleared

How to apply:

Download and fill a physical form and physically deliver to SACCO FOSA offices or send via EMS.

Members can apply for Salary Advance via mobile phone of up to Kshs 500,000/- and get approval immediately by following these instructions.

Dial *357#, Enter PIN, Select Option 3 (Loans), Select Option 1 (Loan Request), Select Loan Purpose, Select Option 2 (Salary Advance), Select Repayment Period, Enter Amount, Enter 4 guarantors, (After 4 Guarantors get SMS messages, they will be required to login to M-Sacco and confirm that they have agreed to guarantee the borrower before the salary advance can be fully processed and disbursed. Member gets funds in their FOSA account.

Salary-In-Advance

Sometimes a situation arises that call for an immediate financial decision. With little options for access to funds, Salary-In-Advance comes in handy to sort you out. This is a short term financing solution for members who pass salaries through FOSA.

Features:-

• Available via mobile phone to all customers whose salary is processed through FOSA
• Maximum advance of Advance is 80% of the net salary processed through FOSA
• To be recovered in one instalment from the subsequent salary
• Salary must have passed through FOSA for at least three (3) months
• Interest payable is 10 % of the amount (Deducted upfront)
• No guarantors required
• Processed daily
• Facilitative allowance considered for members from KDF

Requirements:

• Salary must be processed through FOSA for at least three consecutive months
• Two (2) Current pay slips (If applying manually)
• Must have been a member for at least two (2) months
• No change of pay point until advance is fully cleared.

How to apply:-

Members apply for Salary-In-Advance of up to 80% net salary via mobile phone

Dial *357#, Enter PIN, Select Option 3 (Loans), Select Option 1 (Loan Request), Select Loan Purpose, Select Option 1 (Salary-In-Advance), Enter Amount and Confirm.

M-Boosta

This is a mobile telephone based product given to members. It is one of the most convenient solution as members can access this facility anytime anywhere through their mobile phones. Members of the SACCO are therefore encouraged to register for M-SACCO to enable them access this facility.

How to apply

Dial *357#, enter PIN, Select 7(M-Boosta Loan), Enter amount to borrow, Click Yes to Confirm

Jisort Advance

• Kshs. 10,000 – Max Kshs. 200,000
• 2 Guarantors
• Salary MUST pass through FOSA for 2 consecutive months
• 1% Processing fees
• 10% interest of the advanced amount recovered upfront
• 6 months repayment Period
• 60% of lowest of the recent 3 consecutive net salaries
• Available Online(Dial *357#)

Finje Chapchap

• Minimum Kshs. 5,000 – Max Kshs. 50,000
• 1 Guarantor
• Salary MUST pass through FOSA for 2 consecutive months
• 12% interest of the advanced amount recovered upfront
• 4 months – max repayment period
• 60% of lowest of the recent 3 consecutive net salaries
• Facilitative allowance considered for KDF members
• Available online(Dial *357#)

MORTGAGE PRODUCTS

Harambee Home Loan

Harambee Home Loan (HHL) is an affordable mortgage within the Kenya Mortgage Refinance Scheme and is available to all Harambee SACCO (HS) members who wish to purchase a single dwelling residential house either as a stand-alone house or a unit within a block of flats for purposes of owner occupation.

This mortgage facility is governed by the applicable terms and conditions (T&Cs) of the Harambee Home Loan (HHL).

HHL Product Features: -​

• Loan to value ratio (LTV): The maximum loan amount applicable is up to 90% of purchase price or open market value of the subject property whichever is lower for refinance-able facilities. The member raises 10% proportion of the purchasing price.
• Interest rate: The mortgage Interest Rate is 8% p.a for loans paid in less than 10 years and 9% p.a for loans over 10 years. Interest rate is calculated on a reducing balance.
• Maximum loan term: Up to 25 years.
  For salaried members, the maximum loan term is 25 years (or 300 equal monthly instalments). An applicant qualifies for a loan term not exceeding the difference between their age and official retirement age of the employer or 25 years, whichever is shorter)
  For members from the informal sector (relying on business income), the maximum loan term is up to 15 years (or 180 equal monthly instalments). Maximum loan term in this category is therefore 15 years or the balance between the applicant’s age and the insurable age whichever is lower.
• Minimum/Maximum Loan Amount: Kes 500,000.00 – Kes 4,000,000.00
• Mortgage Protection Policy (MPP): The loan applicant is required to obtain an insurance policy to cover the loan amount against death or permanent total disability. This policy is known as Mortgage protection Policy. In the event of death or permanent total disability, the cover underwriter pays the remaining loan balance to the SACCO.
• Domestic Package Insurance Cover (DP): This is an insurance cover on the property itself against theft and fire. In case of fire destruction, the insurance will finance rehabilitation to the original state but capped at Insurance Value as determined by a Valuer in Harambee Sacco panel.
• Applicable security/collateral: Registration of charge on either a title deed or on a certificate of lease for properties within municipalities, towns and cities. Where a leasehold is offered, a minimum residual lease of 40 years (or not less than 20 years at completion of the loan) is applicable at the onset of the loan.
  We shall do not finance agricultural and ancestral land
  Specific approval of the board may be procured for property on agricultural land within the Nairobi metropolitan, subject to land board approval and the land not being part of an ancestral land. In this case the applicant may be required to procure a change of user for the land.
• Loan Processing Fees: A processing fee of 1% of the approved loan amount is applicable upon acceptance of HHL Letter of Offer.
• Mode of payment: The Home Loan is payable by check off at pay point or FOSA where salary is paid through FOSA.
• Early Loan Repayment: Early principal pre-payments and early full loan redemption are allowed at no extra cost for the member/borrower.

How to Apply:-

The applicant is required to complete and sign Harambee Mortgage Application and provide the following documents.

Income Documents

• Letter of introduction by the employer {to indicate employment terms (permanent/contract), designation & length of service, income details, and staff discipline status etc.}
• Attach three months most recent and certified pay slips.
• Attach six months most recent and certified bank statements for all banking relationships.
• Irrevocable authority to the employer to deduct the monthly loan instalments via check off.

Identification Documents

• A clear copy of national identity card.
• A clear copy of KRA Pin Certificate.
• Copy of marriage certificate/Affidavit is application is joint with spouse.

Property Documents

• Letter of offer or draft sale agreement from the vendor spelling out the specific property details and the terms of the proposed sale.
• A copy of title/lease for the proposed property.
• Valuation report of the proposed security/collateral and carried out by a valuer in Harambee SACCO’s panel, shall be a post approval condition to be captured in the Harambee Home Loan letter of offer
• Member required to pass salary through FOSA

You can inquire more about Harambee Home Loan by visiting any of our branches or calling our member support number +254 709 943 000.

Harambee Jenga Loan

Harambee Jenga Loan (HJL) is an affordable mortgage within the Kenya Mortgage Refinance Scheme and is available to all Harambee SACCO (HS) members who wish to construct a single dwelling residential house, either as a stand-alone house or a unit within a block of flats for purposes of owner occupation.

This mortgage facility is governed by the applicable terms and conditions (T&Cs) of the HJL.

Harambee Jenga Loan Product Features: –

• Loan to value ratio (LTV): The maximum loan amount applicable is up to 90% of the construction cost or projected open market value upon completion whichever is lower. The member raises 10% proportion of the construction cost as a personal contribution to the project.
• Interest rate and mode of interest calculation: The mortgage Interest Rate is 8% p.a for loans paid in less than 10 years and 9% p.a for loans over 10 years. Interest rate is calculated on a reducing balance.
  A moratorium on principal payments is applicable during the project period. The borrower therefore only services interest on total funds disbursed into the project at any one given time until project completion. Interest during construction may be paid monthly as it falls due or upfront in full.
• Maximum loan term: For salaried members, the maximum loan term is up to 25 years (or 300 equal monthly instalments). An applicant qualifies for a loan term not exceeding the difference between their age and official retirement age of the employer or 25 years, whichever is shorter)
  For members from the informal sector (relying on business income), the maximum loan term is up to 15 years (or 180 equal monthly instalments).
  Maximum loan term in this category is therefore 15 years or the balance between the applicant’s age and the insurable age whichever is lower.
• Minimum/Maximum Re-financeable Loan Amount: Kes 500,000.00 – Kes 4,000,000.00
• Mortgage Protection Policy (MPP): The loan applicant is required to obtain an insurance policy to cover the loan amount against death or permanent total disability. This policy is known as Mortgage protection Policy. In the event of death or permanent total disability, the cover underwriter pays the remaining loan balance to the SACCO.
• Domestic Package Insurance Cover (DP).
  This is an insurance cover on the property itself against theft and fire. In case of fire destruction, the insurance will finance rehabilitation to the original state but capped at Insurance Value as determined by a Valuer in Harambee Sacco panel.
• Contractor’s All Risk Insurance Cover (CARIC)
  This is an insurance that covers the project during the construction phase against damages on the structure and theft of construction materials.
• Workers Injury Benefit Insurance Act.
  This is a statutory workplace injury compensation to insure employee health & safety risks. In case of injury of workers while at work, the insurance underwriter takes care of related expenses.
•  Applicable security/collateral: Registration of charge on either a title deed or on a certificate of lease for properties within municipalities, towns and cities. Where a leasehold is offered, a minimum residual lease of 40 years (or not less than 20 years at completion of the loan) is applicable at the onset of the loan.
  We do not finance agricultural and ancestral land .
  Specific approval of the board may be procured for property on agricultural land within the Nairobi metropolitan, subject to land board approval and the land not being part of an ancestral land. In this case the applicant may be required to procure a change of user for the land.
• Loan Processing Fees: A processing fee of 1% of the approved loan amount shall be applicable upon acceptance of HJL Letter of Offer.
• Mode of payment: The Jenga Loan is payable by check-off at pay point or FOSA where salary is paid through FOSA.
• Early Loan Repayment: Early principal pre-payments and early full loan redemption are allowed at no extra cost for the member/borrower.

How to Apply:-

The applicant is required to complete and sign Harambee Mortgage Application and provide the following documents.

Income Documents

• Letter of introduction by the employer {to indicate employment terms (permanent/contract), designation & length of service, income details, and staff discipline status etc.}
• Attach three months most recent and certified pay slips.
• Attach six months most recent and certified bank statements for all banking relationships.
• Irrevocable authority to the employer to deduct the monthly loan instalments via check off.

Identification Documents

• A clear copy of national identity card.
• A clear copy of KRA Pin Certificate.
• Copy of marriage certificate/Affidavit is application is joint with spouse.

Property Documents

• Letter of offer or draft sale agreement from the vendor spelling out the specific property details and the terms of the proposed sale.
• A copy of title/lease for the proposed property.
• Valuation report of the proposed security/collateral and carried out by a valuer in Harambee SACCO’s panel, shall be a post approval condition to be captured in the Harambee Home Loan letter of offer
• Member required to pass salary through FOSA

You can inquire more about Harambee Home Loan by visiting any of our branches or calling our member support number +254 709 943 000.

Harambee Sacco contacts

Harambee Co-operative Plaza

Monday To Friday: 8am – 5pm.
Weekends & Public Holidays CLOSED

+254 709 943 000

Harambee Sacco Paybill Number

The Paybill number for Harambee SACCO is 525200

How to send money via the Paybill

• Go to Mpesa
• Select Lipa Na Mpesa
• Select Paybill
• Enter Business Number(525200)
• Enter Account Number (Your Member Number or ID)
• Enter Amount
• Enter Mpesa Pin and send

You will receive a confirmation message that the money has been received.

You can use the paybill to send your contributions and also repay your loan.

Harambee Sacco Dividends

The Sacco’s annual dividends range between 13% and 18% depending on the performance of loans and investments. This means that if you have shares worth Ksh1 million,you will earn Ksh130,000 to Ksh180,000 annually.