Kimisitu DT SACCO has introduced a new mortgage loan product in collaboration with the Kenya Mortgage Refinance Company (KMRC) aimed at making homeownership more accessible to its members.
The mortgage offers financing of up to KSh 10.5 million at a competitive interest rate of 9% per annum. Borrowers can repay the loan over a period of up to 25 years, easing monthly repayment burdens.
Key Features of the Mortgage Product
- Loan amounts up to KSh 10.5 million
- Interest rate fixed at 9% per annum
- Repayment period up to 25 years
- Loan multiplier of up to seven times members' deposits
- Financing covers up to 105% of the property's value, supporting both purchase and construction
The loan multiplier enables members to access higher loan amounts relative to their savings, a feature the SACCO highlighted as industry-leading.
Speaking at the launch held during the Nairobi Members' Education Forum on August 1, Acting CEO Catherine Odhiambo described the new mortgage as a landmark product for the SACCO. She emphasized the commitment to providing affordable home financing solutions within the SACCO movement.
"This product is a milestone for Kimisitu DT SACCO, offering mortgages at a single-digit interest rate for the first time. It reflects our dedication to making homeownership genuinely affordable for our members," Odhiambo said.
Supporting Financial Literacy and Housing Access
Alongside the mortgage launch, the SACCO organized financial literacy sessions to guide members on eligibility and the loan application process. The forum also featured property developers and real estate partners, giving members direct access to housing options.
Kimisitu DT SACCO, classified as a Tier I Deposit-Taking SACCO with assets totaling KSh 12.8 billion, stated that this initiative aligns with Kenya's affordable housing agenda and reinforces SACCOs' role in promoting financial inclusion nationwide.
