SME Mortgage

Available to self employed persons, partnerships and companies for purchase of residential and commercial properties.

 Features

• 1. Minimum facility of Kshs. 2,000,000

• 2. Islamic Financing mode – Diminishing Musharaka

• 3. GAB Financing for urban property - Residential 80% and Commercial 80%.

Repayment Period

• 1. Limited companies max 10 yearsCommercial properties max 10 years

• 2. Self-employed persons max 10 years for loans below Kshs. 5,000,000

• 3. Self-employed persons max 20 years.

Requirements

Self-employed persons

• 1. Complete SME Credit Application

• 2. GAB Account.

• 3. Sale Agreement or Letter of Allotment

• 4. Business Registration Certificate – if business registered

• 5. Certified /Original Bank Statements for the last 2 years

• 6. Copy of ID/Passport

• 7. Certificate of official title search(with minimum lease of 45years)

• 8. Copy of Title of the property

• 9. Confirmation that Ground and  Land rates are fully paid to the City Council, with attached receipts

• 10. Approved building plans for new properties

Companies

• 1. Complete SME Credit Application

• 2. GAB Account for servicing mortgage

• 3. Sale Agreement or Letter of Allotment

• 4. Certified copy of Memorandum & Articles of Association

• 5. Certified Annual Returns

• 6. Audited accounts for the last 2 years

• 7. Original or Certified Annual Bank Statements

• 8. Board Resolution authorizing transaction

• 9. Copies of ID’s and PINs for all Directors

• 10. PIN Certificate for the company