Home Loan Application Requirements

Loan General Terms

  1. Interest Rate – 9% P.A.
  2. Repayment period – 20 years.
  3. Loan processing fee – Kes.1,000.
  4. Loan maximum amount – 8 Million

For Construction Home Loans

  1. Approved building Plans.
  2. Approved Structural drawings.
  3. Priced Bill of Quantities.
  4. Profiles for the Architect, Contractor and Quantity Surveyor.
  5. Valuation Report-To be done after the borrower has agreed to apply for the home loan.
  6. Copy of title to property being purchased/charged.

For House Purchase Loans

  1. Sale Agreement duly signed by both parties and witnessed by a lawyer or offer for sale.
  2. Valuation Report-To be done after the borrower has agreed to apply for the home loan.
  3. Copy of title to property being purchased/charged.

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.

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