Whether you are looking to buy or construct your dream house and are short of capital, you can do so with a Co-op Bank Mortgage loan.
The product covers 95 percent of the mortgage value enabling home buyers to own their houses with ease. The bank also offers affordable installments with a repayment period of up to 20 years and a grace period of six months.
To acquire the loan, you do not need to have collateral, as the house you construct or purchase can be used as collateral. If it’s a commercial house, its rental income can be used to repay the loan.
To qualify for the loan, Co-op Bank requires borrowers to present the following:
- Copies of identification documents, that is, Memorandum and Articles of Association as well as a Certificate of Incorporation (for registered companies)
- Business Registration Certificate
- Identity cards for borrowers who do not have registered businesses
- Identity cards for directors of registered companies and registered businesses
- Bank statements for 6 months
- Audited accounts for loans above Ksh 5 million
- Resolution to borrow (for registered companies) and details of business location
- Necessary approvals by City Council, the local authorities, NEMA and securities to be provided
How To Apply For MCo-op Cash Loan
The features of the loan are:
- Competitive interest rates
- Affordable installments with a repayment period of up to 20 years
- A moratorium (grace period) of six months
- The house you purchase can be used as collateral, and its rental income can be used to repay the loan
Why CO-op bank mortgage loan?
The facility has upfront disclosure of all processes involved and charges for the customer’s benefit. Co-op Bank also combines both variable and fixed rolling mortgages, giving customers the benefit of choosing what interest regime is good for them.
In addition, the bank has redefined turnkey projects to also include individuals who team up and wish to construct houses under structured projects for owner-occupation.
To apply, visit the nearest Co-Op bank branch.
