BOSA Loan Products
Long Term Loans
Development Loans
These products are repayable within 48 months to 10 years
Requirements:
- Three current pay slips
- Minimum of three guarantors
- Copy of ID card and ID copies of guarantors
- Non checkoff attach Six months Bank or Mpesa statement
Terms:
- Maximum repayment period of 72 months
- Interest charged on reducing balance
- Maximum Eligibility 4 times deposits
Keja Loan
Key Stages Of The Mortgage Loan Process/requirements
- Members checks the eligibility through the Sacco Loans team.
- Submission of loan application request attaching required documents: sale agreement, Copy of title deed/lease document, ID copy, KRA PIN copy, 3 months pay slips or 6 months bank statement.
- Members select the valuer from the list provided by the SACCO .
- Upon selection the instruction is sent to the valuer for the valuation process.
- Members settles valuation fees for the valuer to release the valuation report to the Sacco.
- Loan appraised and approved as per the Sacco guideline.
- The member completes CiC Domestic Package Insurance Form to ensure the securing property is insured at all times, during the lifetime of the loan.
- Charging process commences by;
- List of Lawyers shared to the member to select the preferred one
- Then instruction sent the lawyer for the process
- A letter of the undertaking will be issued to the seller of the property for the release of the original certificate of title, transfers, and other relevant documents
- This legal process will take approximately 90 days (3 months) with the following charges incurred by the member:
- Lawyer fee (as negotiated by the member with the lawyer)
- Stamp duty
- Upon receipt of Charged title / property; funds are disbursed.
Mortgage Home Loan & Construction Loan Requirements
Nyati Sacco Home Purchase Loan
The following documents shall be required:
a) Income Documents
- Attach three months’ most recent and certified pay slips.
- Attach six months most recent and certified bank statements for all banking relationships.
- Irrevocable authority to the employer to deduct the monthly loan instalments via check off.
b) Identification Documents
- A clear copy of national identity card.
- A clear copy of KRA Pin Certificate.
- Letter of offer or draft sale agreement from the vendor spelling out the specific property details and the terms of the proposed sale.
c) Property Documents
- Letter of offer or draft sale agreement from the vendor spelling out the specific property details and the terms of the proposed sale.
- A copy of title/lease for the proposed property.
- Valuation Report if available; the same shall be a condition on the Letter of Offer.
Nyati Sacco Construction Loan
The following documents shall be required:
a) Income Documents
- Attach three months’ most recent and certified pay slips.
- Attach six months most recent and certified bank statements for all banking relationships.
- Irrevocable authority to the employer to deduct the monthly loan instalments via check off.
b) Identification Documents
- A clear copy of national identity card/passport.
- A clear copy of KRA Pin Certificate.
c) Property/Project Documents
- A copy of title/lease for the proposed property in the applicant(s) name(s).
- Proof land rates/rent payment.
- Approved architectural drawings from a qualified and certified architect.
- Approved structural drawings from a qualified/certified structural engineer (for maisonettes).
- Priced Bill of Quantities and a proposed construction schedule from a qualified/certified Quantity Surveyor (QS).
- Professional profiles & certification of consultants involved i.e. architect/QS/structural engineer & contractor/foreman.
- Approval by National Construction Authority (NCA).
d) For Self-employed
If self-employed provide;
- Copy of business registration certificate for and sole proprietorships and partnerships.
- Copy of partnership deed (in-case of partnership).
- 3 years’ proof of business (audited accounts, or income and expense accounts).
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Short Term Loans
This product is to take care of members’ short-term and unplanned need for cash.
Requirements:
- Three current pay slips
- Copy of ID Card
- Minimum of two guarantors and their ID Copies
Terms:
- Maximum repayment period of 12 months
- Interest charged on reducing balance
- Maximum Eligibility 4 times deposits
