Construction Loan

This is a loan to finance development of residential or commercial property.

  • Property forms part of security.
  • Insurance of property with Sacco noted as loss payee mandatory.
  • Repayment period: 36 – 72 months
  • Interest rate is 1% per month or 12% per annum reducing balance.
  • Disbursement in tranches upon evidence of completion of each phase of construction as agreed pre-disbursement
  • Loan insurance fee is 1% of the loan amount per annum.
  • Loan processing fee is 1% of the loan amount