For organized groups and Chamas to undertake long term land and housing projects for its members, for their individual residential or investment purposes.
Features
- For buying of land, we can give up to 100% financing
- For housing projects, we offer up to 105% financing (Including processing fee and insurance cover for the house). We can also advance money to buy or build income generating housing units
- 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
- Security: Loan MUST be fully secured by a conventional collateral e.g. Title Deed, Guarantors, FD certificates or logbooks.
- 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
- Certificate of incorporation (SEALED copy)
- Memorandum and Articles of Association (SEALED copy)
- SEALED Resolution to borrow by the directors of the Chama in Kimisitu Sacco Format
- Contribution Schedule (Monthly)
- Company KRA PIN copy
- Directors ID/ KRA PINs copies
- Copy of title and sale agreement if the Chama is buying property or bill of quantities if doing construction
- 6 Months Chama statements
- Targeting incorporated chamas (Chamas will be incorporated to Limited liability Companies)