Cente Mortgage Loan
Product Features
- Minimum loan amount of UShs 20 million and maximum UShs. 300 million.
- Maximum period of up to 10 years.
- Interest charged on declining 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 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
- Current or Savings Bank account.
- Completed mortgage application form.
- Payment of mortgage processing fees (these are borne on loan disbursed).
- National ID.
- Residence within the bank’s area of operation.
- Eligible adults 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.