This loan is available to members planning to build a house for commercial purposes or a residential home.
Features:
Maximum loan amount will be subject to a multiplier of 5 times
- Funds disbursements is net of other loans offset
- Interest rate on loan is 12% per annum on reducing balance
- Repayment period of 84 months.
- Valuation, legal and due diligence fees to be borne by the member at the onset of the loan application by depositing the applicable amounts at the Sacco’s bank account
- Bill of Quantities to be provided from a qualified a Quantity Surveyor justifying the amounts applied
- Funds to be disbursed in phases
- No guarantors are required. Security will be Title Deed for the land earmarked for development.
- Member must demonstrate ability to repay the loan applied for.
- Repayment is either through payroll or outside the payroll