Mwalimu Sacco Housing Mortgage for TSC Employed Teachers; Mwalimu National Unveiles Affordable Housing Mortgage, Find all the Relevant Details Here
Mwalimu Sacco Rolls Out Affordable Housing Mortgage
Mwalimu National Sacco has partnered with Kenya Mortgage Refinancing Company (KMRC), to rolled out affordable housing mortgage scheme at competitive pricing.
According to the Sacco, the Board approved roll out of the product through a refinancing scheme for purchase of residential houses at Kisaju Park as phase one (1) of the implementation of mortgage lending solution to all the Sacco Members.
PRODUCT FEATURES
Features Description
Target market Mwalimu Members
Purpose of the loan Purchase of a Residential House,
Maximum Tenure Repayment period up to 25 years subject to borrower•s retirement age (maximum 60 years.)
Amounts
• Minimum Ksh.500,OOO Maximum of up to Ksh. 4 million for developments around major cities and Ksh. 3 million for upcountry developments/Developments in rural areas
• Loan to Value (LTV) ratio is 90% + costs (costs covered by short term loans).
• Repayment period up to 25 years subject to borrower’s retirement age (maximum 60 years).
• This will be extended to borrowers with a monthly income of not more than Ksh15O.000.
Interest Rate 9% per annum on reducing balance basis. This is equivalent to KMRC rate currently at 5% plus 4% margin totalling to 9%. Any change in the rate will be determined by KMRC rate and approval by MNS Board.
Negotiation fee 1 % one off
Insurance Property and life insurance cover by the borrower during the entire term of the mortgage. Incase of failure to renew the insurance policy, the SACCO Will renew and pass over the cost t e customer.
Valuation The property must be valued. and a valuation report submitted This property will be revalue after every three years, This will be done by Mwalimu National prequalified valuers.
Disbursement Mortgage disbursement shall be made upon completion of the security perfection and the member meeting all conditions set out in the letter of Offer.
Late payments Late payments will attract a penalty of 2% of the overdue amount.
Read also: List of Mwalimu national Sacco branches 2021
Eligibility criteria for the housing mortgages
The eligible property to secure the loan must either be:
Owner occupied.
Title residential properties
Free–standing or apartment .
Properties occupied by close relatives of owner.
2. “The title must be free from any delinquencies and encumbrances.
3. The maximum mortgage loan limit will be Ksh.4 Million.
5. The tenure of the collateral: Full ownership and if Leasehold with a minimum of 40 years to expiry of the lease.
The New loan product takes effect immediately in all Mwalimu National FOSA branches through the Business Loans officers.
For more details visit www.mwalimuinational.coop and our FOSA branches countrywide.
