This is a mortgage loan product under the Kenya Mortgage Refinance Company (KMRC) refinancing program. The KMRC Mortgage loan will enable Stima Sacco Members to buy a residential house or purchase land for construction at competitive rates
Security for the property is the title for the property being bought or under construction. An additional tangible security may be required where the property is not sufficient to cover the loan.
Product Benefits
• Enable members access funds at competitive rates.
• Flexible security requirements
The mortgage facility is available to
1. Individuals in permanent employment or on contract.
2. Individuals in Business or those who have rental income.
Eligibility
• Must be a member of Stima Sacco.
• Must be salaried.
• Must have made uninterrupted 6 months regular contributions prior to application date.
• Must have ability to pay. (Loan repayment not exceeding 2/3 of their basic pay)
• Within the retirement age
• Applicant should have been in work/employment for at least 12 months and in current employment for at least 6 months.
• First time homeowners only
Product Feature
• Interest rate: 9%
• Method of calculation: Reducing Balance.
• Loan insurance fund and seed loan: 1.5%
• No bridging of other loans.
•Disbursement can be done in tranches for a maximum period of 6 months for construction loans.
• No grace periods.
• Loan Tenor: Up to 25 Years (Subject to remaining contract period).
• Mode of Repayment:
• Check off.
• Direct Debit- Frequency of repayment: Monthly.
• Mode of Loan Disbursement: Direct credit to Prime Account.
• Loan Amount: max. Kes 10.5 Million.
• Deposit. Minimum alpha deposits of Kes 200,000/= and minimum shares of Kes 25,000/=
• Contractual monthly deposit: Kes 1,000/=
• Property insurance cover- To be done annually by M-Pawa Insurance Agency.
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The Makaazi Poa is a Micro Mortgage loan product that is dependent on the purpose and duration as follows.
SUBCATEGORY | LAND PURCHASE | WHOLE HOUSE CONSTRUCTION/ PURCHASE -1 | WHOLE HOUSE CONSTRUCTION/ PURCHASE -2 | HOME IMPROVEMENT |
|---|---|---|---|---|
AMOUNT RANGE (Ksh) | Upto 10,000,000 | Upto 4,000,000 | 4,000,001- 15,000,000 | Upto 500,000 |
PURPOSE | Land Acquisition
| WHOLE HOUSE CONSTRUCTION/
PURCHASE | Home Improvement | |
INTEREST RATE %
(Reducing
Balance) | 12.95% | 14% | 14% | 14% |
PROCESSING FEE | 0.75% Plus excise duty | 0.75% Plus excise duty | 0.75% Plus excise duty | 0.75% Plus excise duty |
INSURANCE
FUND | 0.75% | 0.75% | 0.75% | 0.75% |
REPAYMENT PERIOD | 84 Months | 60-120 Months | 144 Months | 24 Months |
LEVERAGING ON DEPOSIT | *10 | *5 | *5 | *5 |
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Bank details to use
Members with mpesa access can send directly using the Paybill options below.
Deposit using Mpesa
For Monthly Deposit, enter 802xxxxxxx00, where xxxxxxx is your member number.
For shares Capital, enter 800xxxxxxx00, where xxxxxxx is your Member number.
For Deposit into Prime a/c enter 801xxxxxxx00, where xxxxxxx is your member number.
NB: Your membership number ought to be seven digits.