Housing Loan

HOUSING LOAN | Chuka University SACCO
Homeownership & Construction

HOUSING LOAN

Achieve Homeownership: Financing House Construction & Land Acquisition

HOUSING LOAN

Property & Mortgages
Interest Rate 1.2083% P.M on reducing balance
Repayment Horizon 72 months (6 Years)
Borrowing Limit Up to 4X Member's Savings
Annual Equivalent 14.5% p.a.
Product Name

HOUSING LOAN

Interest Rate

1.2083% P.M on reducing balance

Repayment Period

72 months (6 Years)

Security / Multiplier

Up to 4X Member's Savings

Purpose & Description

The purpose of a housing loan is to provide a member with an affordable and accessible way to achieve homeownership. This is done by financing the construction of new homes, the outright purchase of existing houses, or the acquisition of land for building. SACCOS aim to bridge the housing finance gap by offering financing for both residential and commercial properties, often at more favourable interest rates. Payments made directly to Society or Vendor.

Features & Qualification Criteria

The following are the exact mandatory specifications for HOUSING LOAN:

i) Granted up to four (4) times a member's savings.
ii) Applicant must have saved with the SACCO for at least six (6) months.
iii) A third of the basic salary should remain after all the deductions.
iv) At least four (4) guarantors and one (1) witness required.
v) Two latest original pay slip.
vi) Cheque is drawn in favour of the Society or vendor.
vii) Monthly repayments commence not later than the month following disbursement.

Frequently Asked Questions

Can I buy plots or commercial property?
Yes, the housing loan covers residential buildings, plot acquisitions, and commercial development.
How is disbursement done?
Disbursements are issued directly to the vendor or property owner via verified cheques.

HOUSING LOAN Calculator

Pre-configured for 1.2083% P.M on reducing balance over max 72 months (6 Years).

100K 300K 500K 1M
Est. Monthly Repayment

KES 0

Total Interest: KES 0
Total Repayable: KES 0

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Contact Us

📍 Chuka, Tharaka-Nithi, Kenya
📞 +254 743 573 360
✉️ info@chukaunisacco.co.ke
🕐 Mon - Fri: 8:00 AM - 5:00 PM

 

CU Sacco @ 2023