KMRC Mortgage: Faraji Ready Homes & Construction Loan

Are you seeking flexible and affordable housing solutions in Kenya? The KMRC Mortgage for Faraji Ready Homes and Construction Loan offers competitive rates and convenient terms to make homeownership a reality.

Key Features of the Loan

• Loan Amount: Borrow up to 10 times your Sacco deposits, enabling significant financing for your dream home.

• Repayment Period: Enjoy flexible repayment options with a maximum period of 25 years (300 months) for salaried borrowers or 10 years for business income earners.

• Interest Rates:

  • Ready Homes: 8% p.a.

  • Construction Loans: 9% p.a.

• Maximum Loan Amount: Access funding up to Kshs. 10,500,000.

• Processing Fee: A competitive charge of 0.5% on the issued loan ensures affordability.

• Financing Coverage: Benefit from financing up to 105% of your mortgage value.

• Mortgage Buy-Off Option: The opportunity to buy off mortgages from banks adds to the flexibility.

Qualifying Criteria

For Salaried or Employed Borrowers

To qualify for this mortgage:

• Employment Status: Applicants must be confirmed for permanent employment in their current roles.

• Sacco Account: Open and maintain accounts with the Sacco for salary channeling.

• Retirement Limit: Ensure the final repayment date does not exceed the retirement age.

• Check-Off Repayment: Loan repayment must be made through the check-off system.

• Financing Capability: Provide proof of financing ability for costs such as stamp duty, legal fees, valuation reports, and other related expenses.

For Self-Employed Borrowers

Self-employed individuals must meet the following:

• Income Stability: Demonstrate a stable and regular monthly income as a professional, consultant, or business owner.

• Business Verification: Submit proof of income from legal and verifiable businesses.

• Financial Documentation: Provide bank or FOSA statements for the last six months before application.

• Sacco Savings: Maintain a minimum of six months of savings with the Sacco.

Start your homeownership journey today! The KMRC Mortgage for Faraji Ready Homes and Construction Loan ensures that you achieve your housing goals seamlessly. With affordable rates and tailored financing, you can secure your ideal home with ease.