BOMA LOAN

This is a mortgage product tailored for members willing to buy or build their residential homes.

• One can qualify up to 5 times their Sacco savings.
• Repayment period up to 180 months i.e 15 years.
• Interest Rate 1% per month on a reducing balance.
• Collateral security for the loan – The house being purchased or another Property (70% of the property value)
• Proof of income subject to the 1/3 Rule.
• The loan is insured against death or total disability under loan guard policy.
• Maximum Amount Ksh.15,000,000 (Fifteen Million Only), Minimum amount Ksh.2,000,000 ( Two Million Only)
• All other costs associated with the facility to be borne by the member. E.g Legal fees, Valuation fees etc.