Kimisitu DT SACCO has unveiled a new mortgage product offering a 9% annual interest rate in collaboration with the Kenya Mortgage Refinance Company (KMRC). The initiative aims to increase affordable homeownership among its members by providing long-term financing options.
The product allows eligible members to borrow up to Kes 10.5 million, with repayment terms extending to 25 years. Additionally, financing can cover up to 105% of the property's value, applicable for purchasing or constructing residential homes.
Key Features of the Mortgage Product
- Interest rate fixed at 9% per annum
- Loan amounts up to Kes 10.5 million
- Repayment period of up to 25 years
- Financing up to 105% of property value
- Loan multiplier up to seven times members' deposits to boost borrowing capacity
During the Nairobi Members' Education Forum, where the product was launched, Acting CEO Catherine Odhiambo emphasized the significance of this offering, describing it as a historic milestone for Kimisitu DT SACCO. She highlighted the SACCO's commitment to making homeownership more attainable by introducing a single-digit interest mortgage and enhancing borrowing power through an industry-leading loan multiplier.
The forum also provided members with financial literacy training and guidance on mortgage eligibility and application procedures. Exhibitions from housing and real estate partners were featured to connect members with property developers and housing solutions.
This product aligns with Kenya's broader affordable housing agenda and demonstrates the pivotal role SACCOs play in promoting financial inclusion and socio-economic development.
