For organized groups and Chamas to undertake long term land and housing projects for its members, for their Individual, Residential or Investment purposes
Product Features:
- Financing upto 100% for buying of land
- For housing projects, we offer up to 105% financing
- Repayments period 60 months for land
- 144 – 180 Months for Housing
- Interest Rate 1.2% per month on reducing balance
- Monthly loan repayments (ability to pay) pegged on chama monthly contributions
- Loan MUST be fully secured
- Chama deposits to be held in lien as additional collateral for the loan
Requirements
- Consistency in contributions to be observed i.e. 6 months average monthly contribution
- Duly filled loan application form signed and SEALED by the Chama
- Memorandum and Articles of Association (SEALED copy)
- SEALED resolution to borrow by the directors of the chama in Kimisitu Sacco Format
- Contribution schedule (Monthly)
- Copy of title and sale agreement if the Chama is buying property or bill of quantities if doing construction