Land Purchase Loans In Kenya
NATIONAL BANK PLOT PURCHASE LOAN
This is a facility that enables you to purchase a portion of land that does not contain any buildings. National Bank finances up to 85% of the value of the land. The maximum repayment period is 10 years. You will enjoy comprehensive life, fire and house insurance cover. There is requirement of the following rates legal fees that are based on advocates’ remuneration order, insurance cover that is 0.5% of the loan cover, appraisal fee of 1% loan amount and the interest rate is 15.45% on reducing balance.
CFC STANBIC BANK VACANT LAND LOAN
This type of loan helps you buy land in Nairobi and Mombasa. The maximum repayment period is 10 years. The maximum loan amount is Kshs.20 million. CFC finances up to 50% property’s value. The arrangement fee is 2% of the loan amount.
NIC BANK PLOT PURCHASE LOAN
The loan facility allows you to buy undeveloped land for either residential development or commercial purposes. The maximum you can borrow is Kshs.5 million. Maximum repayment period is 5 years. The security of the loan could be the first legal charge on the land being financed or another property.
FAULU KENYA REAL ESTATE BUSINESS LOAN
This type of loan targets individual land buyers small Sacco’s, investment groups and land buying companies. The loan is given to enable buying of land for subdivision and subsequent sale. The maximum loan amount offered is up to Kshs.350 million. The finances given are of up to 100% value of the property. The maximum repayment period for long term loan is up to 84 months.
KENYA LAND SACCO SOCIETY LTD REAL ESTATE LOANS
KLS is a cooperative Sacco that is registered with the ministry of cooperative. KLS offers this type of loan to investment groups, land buying individuals, land buying companies, small Sacco’s and the like for buying of land for subdivision and subsequent sale, plots, development of plots. KLS finances up to 80% of the value of the land. It requires no additional security as land is self-secured. Has competitive interest rate of 12% per year. The maximum repayment period is up to 24 months.
COMMERCIAL BANK OF AFRICA (CBA) PLOT PURCHASE LOAN
This loan facility helps you to acquire a plot as a start of building your dream home. CBA finances up to 50% of the land value. Interest rates are on reducing balance method. The maximum repayment period is 5 years. Valuation and legal fees are also applicable for this loan facility. As you present your documents for the loan approval you should make sure that your identification and all the supporting documents must be notarized by a registered notary or certified by your banker. The notary stamp and information should be very clear and legible.
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