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.
Apply for HOUSING LOAN
Please Visit Chuka University SACCO to Apply
To apply for the HOUSING LOAN, please visit our Chuka University SACCO Main Office to complete the official loan application form and submit your supporting documents (guarantor forms & payslips) with our credit desk.
Office: Chuka University SACCO Offices, Main Campus
Telephone: 020 231 0512
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.