Cente Mortgage
This is a medium-to-long term housing mortgage product targeting government civil servants, economically active rural and urban low-to-moderate regular income earners engaged in self-employment in legitimate income generating activities for the purpose of financing housing needs through purchase, complete or incremental construction.
Main features:
- Application fee of UShs. 20,000 or UShs. 50,000
- Attracts interest charged on a declining balance
- Amount ranges from UShs. 20 million to UShs. 100 million
- Repayment period of up to 10 years
- Grace period of up to 6 months
- Repayment plan aligned to cash flow
Basic Requirements::
- Centenary Bank account
- Eligible adult should not be more than 55 years at the time of application
- Existence of verifiable source(s) of income
- Borrower's contribution ranging from 20% to 30% of the total housing project cost
- Salaried employees under probation are not eligible
- Proof of property ownership – genuine land title
- Valid identity documents
- Most recent passport photos (2).
- Bill of Quantities (BOQ) for the house in the case of construction
- Approved architectural design for the house in case of construction
- Copy of certificate of title for the property to be purchased or developed
- Loan to value ratio of at least 80%.
- Location sketch map for the borrowers' place of residence
- Credit Reference Bureau Financial Card
Benefits:
- Processing within 48 hours
- Attractive interest
- No monitoring fee
- Mortgage period of up to 10 years
- Flexible repayment plan
- No penalty for early repayment
Terms and conditions apply