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.