Shamba Loan

Features:

  • The Society to finance 80% of the purchase price while the member to pay 20%.
  • Member to provide evidence of payment of the 20% made to the Harambee Investment Cooperative Society Ltd (HICS).
  • The maximum loan limit is Kshs. 2,000,000/=. (Kshs Two million only)
  • Loan multiplier: maximum of 4 times member’s BOSA deposits
  • The loan is guaranteed by the title deed of the land being purchased, members deposits and / or guarantors.
  • The loan shall be paid directly to the Harambee Investment
    Co-operative Society Limited or any identified vendor as per the
    agreement of purchase.
  • A Loan Commitment Form shall be signed by three parties i.e., the
    borrower, the Harambee Investment Co-operative Society Ltd / Vendor and
    Harambee Sacco Society signatories.
  • Valuation of the land where necessary shall be done by the Harambee SACCO appointed valuers.
  • Title deed shall bear the member’s name(s), but the member will sign
    transfer forms and provide other necessary documents just in case of
    default, the SACCO will be able to dispose the property.
  • The Title deed and the signed transfer forms will be kept in safe
    custody by the SACCO. The Title deed will be released to the member
    after full repayment of the loan.
  • The costs of valuation, Title deed registration, stamp duty, legal
    fees and any other incidental costs shall be borne by the member.
  • There will be no loan top-up facility for this loan product.
  • Loan repayment shall be on check-off, standing order or direct debit orders.
  • A processing fee of 1% will be charged up to a maximum of Kshs10,000/-.
  • Repayment Period: Maximum repayment period is 48 months.

  • Property Conveyancing
  • Environmental Law
  • Corporate Law
  • Insurance
  • Intellectual Property
  • Litigation
  • Employment & Labour Law

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