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There are Saccos in Kenya which offer mortgages. Sacco loans are always cheaper than bank loans.Their interests are lower,they also have flexible repayment terms.
Here is a list of Saccos in Kenya with mortgages:
—-Finnlemm Sacco
Home Loan
The key requirements are as follows:
Society’s loaning policy.:-
—–Stima Sacco
KMRC MORTGAGE
This is a mortgage loan product under the Kenya Mortgage Refinance Company (KMRC) refinancing program. The KMRC Mortgage loan will enable Stima Sacco Members to buy a residential house or purchase land for construction at competitive rates
Security for the property is the title for the property being bought or under construction. An additional tangible security may be required where the property is not sufficient to cover the loan.Product Benefits• Enable members access funds at competitive rates.• Flexible security requirements
The mortgage facility is available to1. Individuals in permanent employment or on contract.2. Individuals in Business or those who have rental income.
INDIVIDUAL IN PERMANENT EMPLOYMENT OR ON CONTRACT
Eligibility
• Must be a member of Stima Sacco.• Must be salaried.• Must have made uninterrupted 6 months regular contributions prior to application date.• Must have ability to pay. (Loan repayment not exceeding 2/3 of their basic pay)• Within the retirement age • Applicant should have been in work/employment for at least 12 months and in current employment for at least 6 months.• First time homeowners only
Product Feature
• Interest rate: 9%• Method of calculation: Reducing Balance.• Loan insurance fund and seed loan: 1.5%• No bridging of other loans.
•Disbursement can be done in tranches for a maximum period of 6 months for construction loans.• No grace periods.• Loan Tenor: Up to 25 Years (Subject to remaining contract period).• Mode of Repayment: • Check off. • Direct Debit- Frequency of repayment: Monthly.• Mode of Loan Disbursement:Direct credit to Prime Account.• Loan Amount: max. Kes 4 Million.• Deposit. Minimum alpha deposits of Kes 200,000/= and minimum shares of Kes 25,000/=• Contractual monthly deposit: Kes 1,000/=• Property insurance cover- To be done annually by M-Pawa Insurance Agency.
INDIVIDUAL IN BUSINESS OR THOSE WHO HAVE RENTAL INCOME
• Must be a member of Stima Sacco.• Must be in business or have rental income.• Must have made uninterrupted 12 months regular contributions prior to application date.• Must have ability to pay.• Maximum age of 60 Years• Applicant should have been in business for more than 3 years.
Product Features
• Interest rate: 9.5%• Method of calculation: Reducing Balance.• Loan Insurance fund and seed loan: 1.5%• No bridging of other loans.• Disbursement can be done in tranches for a maximum period of 6 months for construction loans.• No grace periods.• Loan Tenor: Up to 20 Years. Mode of Repayment:• Internal Standing Order from prime account.• Direct Debit.• Frequency of repayment: Monthly• Mode of Loan. Disbursement:Direct credit to PrimeAccount.• Loan Amount: max. Kes 4 Million• Deposit: Minimum alpha deposits of Kes 400,000/= and minimum shares capital of Kes 25,000/=• Contractual monthly deposit: Kes 1,000/=• Property insurance cover- To be done annually by M-Pawa Insurance Agency
—-AMREF Sacco
Miliki Mortgage Financing Loan
The Miliki Mortgage Loan from AMREF SACCO seeks to help you achieve your dreams of homeownership or property investment with a range of flexible financing options. Whether you’re planning to construct a residential or commercial property, purchase a ready-built house, or take over existing mortgages, we are here to support your journey every step of the way.
Loan Features:
External Lumpsum Deposits Waiting Periods
External lumpsum deposits waiting periods
A member who wishes to top up a lump sum amount to their member deposits account with the intention of borrowing a loan will be subject to the following waiting periods:
—–Safaricom Sacco
Ustawi & Faraji Ready Home Mortgage
This product is intended to empower members undertake development projects for ready houses with long-term benefits
—–KUSCCO Sacco
Mortgage Division
Individual/Joint Mortgage
A product for individuals, joint membership and Kenyans in the diaspora
a) Outright House purchase mortgage;
This is a mortgage facility for outright purchase of a house for either Owner occupier or commercial purposes
b) Construction Mortgage;
A mortgage facility advanced to a member who has a plot and would wish to construct either residential house or a commercial house.
c) Plot purchase mortgage;
This loan helps to satisfy the aspirations of many Kenyans by providing access to funds that will contribute towards the purchase of a plot.
d) Equity release;
A loan product that targets individuals with existing houses/homes or property. With this, one is able to apply for financing using the existing security. The equity that is then charged to KUSCCO Housing; money is lent on the value of the equity
e) Plot buying and construction
A loan to an individual who intends to buy a plot and construct at the same time.
f) House completion and renovation
MULTIPLIER, REPAYMENT PERIOD AND INTEREST RATE:
All loans paid in 5 years, are at 12% p.a and loans above 5 years are at 12.5% p.a, on reducing balance
Corporate Mortgage
Loan purpose for corporates
– Plot buying ;
Savings multipliers – 4 times
Loan repayment period – Maximum of 10 years
Loan security:
Grace period : 1 month for outright purchase of a house or plot loans and 3 months on construction loans on both principal and interest
Jumuia Mortgage
A product for Individuals who are members and wish to undertake a commonproject.Either buy plot and/or construct house that will fit all member
Incremental House Construction
KHC finance members to construct homes incrementally; from the house a member needs today to a house a member wants progressively
Cyclic Mortgage
A product that offers customer convenience of repaying their mortgages in pre-agreed cycles (Bi-monthly, quarterly, semi-annually) that correspond to their income receipts
Product is suited for those in the informal sector whose income flow is varied
Construction Services
KHC offer construction service to members who take construction mortgage. The service is available for all categories of membership
—–Kenya Police Sacco
Loan General Terms
For Construction Home Loans
For House Purchase Loans
External Home Loan Costs to be met by borrower
Legal fees-SACCO to provide a panel of lawyers.
Stamp duty(4% urban&2% rural)-For house purchase cases only.
Valuation fees-Kes.20,000 for land within Nairobi and its environs, Kes.25,000 outside Nairobi. For cases where the land has developments, Kes.25,000 within Nairobi and Kes.30,000 outside Nairobi.
Stamp duty on charge-0.1% of the loan amount.
Annual loan protection insurance premium-0.35% of the loan amount.
—-Harambee Sacco
—–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: -
How to Apply:-
The applicant is required to complete and sign Harambee Mortgage Application and provide the following documents.
Income Documents
Identification Documents
Property Documents
—-Ukulima Sacco
Makao Home Loans
Makao Halisi Loan
The mortgage is strictly for purchase or construction of owner occupier residential houses or homes only.
Makao Bora Loan
—-Kimisitu Sacco
The SACCO has in the past facilitated its members to buy land, build houses & buy ready houses. In line with the Agenda 4, the Sacco has revamped Makao Halisi product to make it attractive to the members through provision of affordable housing to its members. Kimisitu SACCO shall deepen further buying of land, construction and buying of homes for all its’ members.
Product Features:
Makao Subcategories
N/B: **Bank Buy offs for mortgages will be facilitated at 100% based on above qualifications depending on the sub type of the loan being bought off as per above features.
** Incremental housing: This is where the construction is done in phases depending on ability to pay and stages. Member can be financed for the specific section of the house that is pending.
APPLICATION REQUIREMENTS
COLLATERAL REQUIREMENTS
** Applies for all mortgages.
N/B: The Valuation, Legal fees (Consents, transfer and charge) and project management charges to be paid by the member. (Sacco can finance depending on the collateral and ability of member).
—-Tower Sacco
Tower Sacco offers home loan with interest rate of 9.5 %.
—Biblia Sacco
Makao Poa Loan
This product is designed to help members in their investment and development plans e.g.acquire a plot, renovate, finish or even construct commercial, rental and residential properties.
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