The Faraji Ready Homes & Construction Loan offers detailed features and requirements designed to facilitate the acquisition or construction of homes for its members. Here’s a summary of the key features, loan requirements, and documentation checklist:
Loan Features
- Loan Multiplier: Up to 10 times the member’s deposits.
- Repayment Period: Up to 25 years for salaried income (subject to retirement age and terms of employment); 10 years for business income.
- Maximum Loan Limit: KES 10.5 million.
- Financing: Up to 105% financing available.
- Eligibility: Must have saved with the Sacco for at least six months.
- Interest Rates: 8% per annum for ready homes, 9% per annum for construction loans.
- Processing Fees: 0.5% of the loan amount.
- Loan Security: Title Deed/Lease.
- Buy off Mortgage from Bank: Option available.
- Terms and Conditions Apply.
Loan Documentation Checklist
Safaricom Staff & Members with Common Bond (Check Off Members):
- Duly filled out loan application form (with required signatures on pages 2, 3, and 4).
- Copy of the national ID.
- Latest certified payslip.
- Guarantor email confirmation or loan application sign off.
Non-Checkoff Members (Members without Common Bond):
- Duly filled out loan application form.
- Copy of national ID.
- Latest three months certified payslips.
- Latest six months certified bank statements.
- Employer’s letter of introduction stating terms of employment.
- Guarantor email confirmation or loan application sign off.
- External standing order for loan repayment (includes bank charges for inter-bank transfers).
Individuals/Members in Business:
- Duly filled out loan application form.
- Copy of national ID.
- Certificate of incorporation/Business registration certificate.
- CR12, Board resolution to borrow.
- Latest receipts/invoices.
- Latest six months certified bank statements.
- Clear map to business premises.
- Business visit call report.
- Financial analysis template.
- External standing order for loan repayment.
Chama Loans and Self Help Groups:
- Duly filled out loan application form signed by all Chama officials.
- Copy of national ID for all Chama officials.
- Self-help group by-laws certified by the registrar of societies.
- Certificate of registration with the registrar of societies.
- Minutes documenting the resolution to borrow.
- Proof of income.
- Latest 12 months certified bank statements.
- Clear map to business premises.
- Business visit call report.
- Financial analysis template.
- External standing order for loan repayment.
Asset Financing (Car Loans):
- Valuation done by AA Kenya or Regent Valuers.
- Sale agreement/quotation from the seller.
- 20% deposit in Fosa prior to loan processing.
- Tracker installation by service providers.
- Comprehensive insurance cover.
- Joint registration of the logbook.
- Original logbook submitted to the Sacco.
- Letter of undertaking to the vendor.
- Letter of offer stating the security being used.
Contact Information
For any inquiries, please reach out via email at [email protected] or call 0111 222 226/7.
These comprehensive details ensure that potential borrowers are well-informed about the terms, requirements, and processes involved in securing a loan for ready homes or construction projects through the Sacco.
