Member must have share deposits of Kshs. 8 million and above.
A member can apply for this loan up to five (5) times their deposits.
Maximum loan amount is Kshs. 40 million.
Maximum repayment period is 10 years.
Loan interest is charged at 1% per month on reducing balance.
A property must be used as security for the loan and a charge document will be prepared by the Sacco’s recommended lawyers for execution by the borrower.
In addition to the Charge, a Deed of Rental Assignment, where applicable, will be prepared by the Sacco’s recommended lawyers for execution by the borrower and registered against the asset.
The security will be urban property or as will be directed by the Board from time to time. Valuation shall be done by Sacco-recommended valuer at member’s cost.