Monday, February 4, 2019

Details of Cooperative Bank Mortgage and Construction Loans.

Details of Cooperative Bank Mortgage and Construction Loans.
Cooperative  Bank finances construction or renovation of residential and commercial properties.

The loans are granted for up to a maximum period of 20 years for single dwelling units and 10 years for residential commercial units.

Here’s what you need to get the loans.

-Copies of identification documents. In this case, you need Memorandum and Business Registration Certificate.

-Identity cards for those borrowing and they don’t have registered businesses.

-Identity cards for directors of registered companies and registered businesses.
-Bank statements for 6 months.

-Audited accounts for loans above Ksh 5Million.

-Necessary approvals by City Council, the local authorities, NEMA and securities to be provided.

Advantages of Cooperative Bank Mortage and Construction Loans.

-Competitive interest loans.

-Affordable installments with a repayment period of up to 20 years.

-The house you purchase can be used as collateral and its rental income can be used to repay the loan.

-You are given a moratorium(grace period) of six months.

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