Home Improvement Loan (HIL)

Short term loan with a regular repayment instalment for financing home improvement either through construction, renovation and installations of energy and water accessories or acquiring of land, furniture.

Basic Requirements:

• Account with the Bank.
• Applicant must have a home to improve.
• Collateral for the loan.
• Applicant must be resident in the branch designated area of operation.
• Applicant must possess good source of income for repaying the loan.
• Application fee of UShs. 5,000.
• Legal perfection of collateral and guarantees where applicable.

Benefits:

• Fast and easiest way to improve homes.
• Improves living conditions of customers.
• Manageable loan instalments.
• Competitive interest rate.

The Jomayi Facility

Features of the Facility

Item	Description
Application Loan Fee	UGx 5000
Loan Purpose	To provide finance to prospective buyers of land from Jomayi.
Interest Charging Method	Declining balance
Loan Tenor	Flexible repayment periods up to 36 months
Repayment Mode	Regular and equal monthly installments
Number of Installments	Depends on borrower’s cash flow and repayment capacity.
Collateral and Guarantees	Land purchased constitutes main security

Requirements

• A Centenary Bank account.
• Certificate of valuation of land from Jomayi Property Consultants Limited.
• A good source of income's) that is sufficient for repayment of the loan.
• Spousal consent will be required where applicable.
• Clients have to pay mortgage registration fees.
• Application fee of UShs. 5,000/=.

Benefits

• Easiest way to acquire land with an upfront contribution of 20%.
• Located in Well planned estates
• Flexible repayment periods of up to 36 months.
• Manageable loan instalments (instalments depend on borrower's cash flow and repayment capacity).

Operational Procedures

• Jomayi recommends to Centenary Bank intending and qualifying Customers.
• Jomayi provides true value and measurement of land customer intends to purchase to a valuer approved by the Bank.
• Centenary Bank scrutinizes and processes all recommended applications provided.
• Upon approval of customers loan, Centenary Bank advances monies to Jomayi.
• Jomayi transfers title ownership into customers name and delivers title to Centenary Bank.
• Centenary Bank holds all securities offered by the customer or borrowers up-to when the customer clears loan.
• Failure by customer to repay the loan, Jomayi shall assist the Bank to resale property and recover loan.

The Crestanks Facility

Features

• Maximum loan amount UShs. 15 million
• Regular loan repayment plan.
• Maximum loan period of up to 36 months
• Minimum loan amount UShs. 100,000/=

Basic Requirements

• Savings or any other account with the bank.
• A genuine pro-forma Invoice from Crestanks.
• Personal guarantors.
• Applicant must be resident in the branch designated area of operation.
• Applicant must possess good source of income for repaying the loan.
• Application fee of UShs. 5,000/=.

Benefits

• Attractive interest.
• Easiest way to improve homes.
• Manageable loan instalments.
• Our customers will access clean water and practice safe
• Sanitation

Mode of Operation (i)

• The customer (borrower) will inspect water or sanitation product(s) at crestanks.
• Crestanks will furnish the bank with a list of their officers who are approved to sign on documents
• Crestanks will issue the borrower with a pro-forma Invoice and any other agreed costs.

Mode of Operation (ii)

• The pro-forma invoice will be presented to the Banks Branch Manager or Credit Administrator who will assign the customer a loan officer to assist him or her.
• Borrower should timely provide all the required information trustfully and objectively to enable quicker processing of the Loan.
• The loans officer will guide the borrower to fill the loan application form

Mode of Operation (iii)

• The completed loan application form will be submitted at the resident branch of the customer.
• After the form has been accepted at the branch, it will be verified to make sure that all documentation is complete. Any omissions or rectifications shall be addressed immediately.

Mode of Operation (iv)

• When the loan is approved and signed, the bank will make payment directly into the account of crestanks with Centenary Bank.
• Crestank on receipt of money shall forward invoices for products delivered and or installed.
• Each invoice shall be accompanied by photocopies of relevant delivery notes and ID’s of buyer (borrower).
• The borrower will service the loan until it is paid in full.