It is meant to facilitate members in owning land or plots for domestic or commercial purposes within the cities in Kenya
Product Features.
- The product is available to all active members for the purposes of purchase of vacant land or plots within the cities in Kenya
- The property to be considered must be within the defined city boundaries/metropolis as follows:
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- Nairobi - 50KM Radius
- Mombasa - 30KM Radius
- Nakuru and Kisumu - 20KM Radius
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- Financing will be up to:
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- 90% open market value subject to sale value of City properties
- 100% sale price of UN DT SACCO/ Wanamataifa sponsored properties
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- Repayment period of up to 96 months (8 years)
- Maximum loan amount of Ksh.15 Million
- Deposit multiplier of 7 times
- Interest rate of 11.9 p.a. on reducing balance
- The funds will be transferred directly to the seller of the land or plot
- Sale agreement, copy of title deed/lease and valuation report to accompany the loan application
- Valuation to be done by valuers on the UN DT SACCO panel of valuers
- For UN DT SACCO/ Wanamataifa sponsored or partnered properties, common valuation will be obtained on behalf of all borrowers
- First and final charge on the property being financed in favor of UN DT SACCO
- Repayment period not restricted by contract but minimum contract period of 6 months contract period at the time of borrowing
- Borrowers to meet cost of valuation and legal charge costs
