WAUMINI SACCO SOCIETY LIMITED
UPDATES: The sacco has introduced to its members 'WAUMINI CASH' which is a mobile loan product available to all Msacco registered members.You can access your BOSA and FOSA statements on the portal via https://portal.wauminisacco.com/.

FOSA MJENGO LOAN

  •           To relieve members from paying rent and use the finances to repay mortgage.
  •           To help members develop the plots already purchased through Waumini Sacco.
 FEATURES
  • Maximum repayment period is 15 years.
  • The maximum loan granted shall be Kshs 3,000,000.
  • Interest rate is 14 % per annum on reducing balance.
  • Security will be the land and the building to be constructed, other title deeds, Waumini Sacco plots with or without title deeds.
  • Members to raise 20 % in three months.
  • Member to pay all charges relating to processing.
  • Members can use provident fund up to 60% (The trustees much sign for guarantee)
  • One off charge of Kshs. 60,000 to cater for loan processing, valuation, insurance.
  • Grace period of 2 months.
  • Penalty on early payment at 6 % if the balance is cleared before three years are over.
ADDITIONAL FEATURES/ REQUIREMENTS ON VARIOUS CRITERIA
1.    Purchase of an already constructed House.
  • Sale agreement dully signed by both parties and executed by lawyer. With the seller.
  • Valuation report.
  • Area map showing physical location of the house.
  • Photos of property being financed.
  • Copy of title with 40 years minimum (if leased).
  • Spousal consent / sworn in affidavit (Whichever is applicable)
2.    Home construction
  • Approved building plans.
  • Approved structural drawings (For constructions beyond one storey)
  • Priced bill of quantities (BQS) duly signed by both parties
  • Profiles for architects, contractor, structural engineer, project manager and quantity surveyor.
  • Spousal consent/ sworn in affidavit (Whichever is applicable)
  • The loan shall have a grace period of 2 months.
3.    Partially constructed house.
  • Approved building plans.
  • Approved structural drawings (For constructions beyond one storey)
  • Work in progress report.
  • Spousal consent/ sworn in affidavit (Whichever is applicable)
  • The loan shall have a grace period of 2 months.
4.    Purchase of plot and construction.

In addition to requirements of home construction, the applicant should provide the following;

  • Sale agreement dully signed by both parties and executed by lawyer. with the seller.

Buying an existing mortgage or asset loan.

In addition to requirements of home construction, the applicant should provide the following;

  • Loan agreement with the current financier and repayment schedule
  • Valuation report.
  • Area map showing physical location of the house.
  • Photos of property being financed.

 .............MJENGO LOAN CALCULATOR..............

 

 

Mjengo Loan

 

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