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October 18, 2019

NATIONAL BANK BORROWING

UNSECURED PERSONAL LOANS

At National Bank, they understand the needs of our customers’ are different that is why they offer tailor made solutions to each of their customers. Their unsecured personal loan helps you achieve your dreams – best education for your children, , shopping in Dubai, make improvements on your home ,take advantage of a great investment opportunity, post-graduate studies for yourself, a much-needed overseas holiday for the whole family.
Your dream is just an application away with National Bank Personal Unsecured Loan.

Eligibility

  • You need to derive your income through a salary

Features

  • The minimum amount you can borrow is Kshs 50,000; the maximum Kshs 4million.
  • Flexible repayment options – you get up to 6 years to repay the loan.
  • Interest rates calculated on reducing balance basis.
  • No security needed.

NATIONAL HOMES

NATIONAL HOMES FOR INDIVIDUALS

The following mortgage products are being offered under the National Homes brand both for salaried and business customers:-

  • Financing to cater for purchase of ready build house i.e. Residential property
  • Financing to cater for construction of a residential property
  • Financing to cater for Plot purchase
  • Equity release i.e. get financing against your property
  • Diaspora / non-resident residential mortgage and plot purchase, for those special customers in far-away countries.

CONSTRUCTION LOAN

Is a construction loan facility for customer seeking construction of a dwelling, or additions and improvements to an existing structure?

Features

  • Flexible financing up to 85% for salaried
  • Flexible financing up to 80% for self-employed
  • Flexible construction repayment term of up to 25 years
  • Competitive Interest rates

Benefits

  • Low contribution hence less financial stress in the onset.
  • Comprehensive Home owner’s Life, fire & house insurance cover.
  • Flexibility to manage the cost associated with building your own home.
  • National bank accelerated payments which enables customer to pay off loan sooner than stipulated in construction loan agreement.
  • Access to dedicated mortgage specialists.

Eligibility criteria

Individual salaried

  1. Copy of ID/Passport
  2. Copy of KRA Pin
  3. 3 months’ pay slip
  4. Letter from Employer
  5. 6 months Bank statements (non National Bank customers)
  6. Copy of Title
  7. Sale Agreement
  8. Land rates & rents receipts
  9. Approved Architectural drawings
  10. Approved Structural drawings
  11. Priced Bills of Quantities with timed Drawdown Schedule
  12. Profiles/Certificates of practice i.e. Architect, Structural Engineer, and Quantity Surveyor etc.

PLOT PURCHASE

Is a plot purchase loan facility for customer seeking financing to purchase a portion of land where no building exists?

Features

  • Flexible financing up to 85%
  • Flexible repayment term of up to 10 years
  • Competitive Interest rates

Benefits

  • Low contribution hence less financial stress in the onset.
  • Competitive interest rates.
  • Comprehensive Plot owner’s Life, fire & house insurance cover.
  • Long tenors to make repayments easier for you.
  • National bank accelerated payments which enables customer to pay off loan sooner than stipulated in construction loan agreement.
  • Access to dedicated mortgage specialists.

Rates / Pricing

  • Appraisal fee – 1% of loan amount.
  • Legal fees – based on Advocates remuneration order
  • Insurance (Life & Fire) – 0.5% of Mortgage cover
  • Debit income ratio – 65% of net disposable income
  • Interest rate – 15.45% on reducing balance

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