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Cente Mortgage Loan

This is a medium-to-long term housing finance product targeting salary earners as well as economically active rural and urban low, middle and high regular income earners engaged in self-employment. The loan can be used for the purpose of financing housing needs through purchase, construction or completion.

Product Features

  • Minimum loan amount of UGX 20 million and maximum UGX 300 million
  • Maximum period of up to 10 years
  • Interest charged on reducing balance Basis
  • Grace period of up to 6 months
  • Repayment plan aligned to cash flow of the borrower

Benefits

  • Short and straight forward processing within seven working days
  • Comparatively low interest
  • No monitoring fees charged
  • Long loan periods of up to 10 years
  • Flexible repayment plan
  • Helps the borrower acquire their residential houses or additional houses for personal / family income

Requirements

  • Hold a Current or Savings Centenary Bank account
  • Completed mortgage application form
  • Payment of mortgage processing fees
  • Financial card
  • Residence within the bank’s area of operation
  • Eligible adult should not be more than 55 years at the time of application
  • Existence of verifiable source(s) of income
  • Borrower’s contribution of at least 30% of the total housing project cost
  • Proof of property ownership – genuine land title or copy of certificate of title for the property to be purchased or developed
  • 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
  • Loan to value ratio of at most 80%.
  • Applicant must be a resident within the Branch’s designated area of operation
  • Eligible property – single family and multi-unit homes