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October 18, 2019

NATIONAL BANK LOANS

CASH AGAINST PROPERTY

It is a loan facility to assist property owners to obtain cash from value of their residential or commercial property.

Features

  • Flexible financing up to 90%
  • Flexible repayment term of up to 25 years
  • Competitive Interest rates

Benefits

  • Allows you to acquire the value of the property while still retaining ownership
  • A low contribution hence less financial stress in the onset.
  • Competitive interest rates.
  • Comprehensive Home owner’s Life, fire & house insurance cover.
  • Long tenors to make repayments stress free
  • 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.
  • Stamp duty on transfer – 4%
  • Legal fees – based on Advocates remuneration order
  • Valuation fees – Approx. 0.4% of property value
  • Insurance (Life & Fire) – 0.5% of Mortgage cover
  • Debit income ratio – 65% of net disposable income
  • Interest rate – 15.45% on reducing balance

PERSONAL MORTGAGE LOAN – SALARIED

It is a loan facility to assist customer seeking to purchase an existing residential house.
The residential purchase will include the following parameters:-
a) First time home buyers.
b) Switching from another financial institution to National Bank.

Features

  • Flexible financing up to 90%
  • Flexible repayment term of up to 25 years
  • Competitive Interest rates

Benefits

  • Low contribution hence less financial stress in the onset.
  • Competitive interest rates.
  • Comprehensive Home owner’s Life, fire & house insurance cover.
  • Long tenors to make repayments stress free
  • 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 – 1.0% of loan amount.
  • Stamp duty on transfer – 4%
  • Legal fees – based on Advocates remuneration order
  • Valuation fees – Approx. 0.4% of property value
  • Insurance (Life & Fire) – 0.5% of Mortgage cover
  • Debit income ratio – 65% of net disposable income
  • Interest rate – 15.45% on reducing balance for business.

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

PERSONAL MORTGAGE LOAN – SELF-EMPLOYED

It is a loan facility to assist self-employed customer seeking to purchase an existing residential house.
The residential purchase will include the following parameters:-
a) First time home buyers.
b) Switching from another financial institution to National Bank.

Features

  • Flexible financing up to 80%
  • 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 Home owner’s Life, fire & house insurance cover.
  • Long tenors to make repayments stress free
  • 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

Self-Employed – Individuals

  1. Copy of ID/passport
  2. Copy of KRA Pin
  3. Business Registration Certificate
  4. 2 years Audited Books & Accounts
  5. 1 year Bank statements
  6. Tax compliance certificate
  7. Copy of Title
  8. Sale Agreement
  9. Land rates & rents receipts

Self-Employed – Company

  1. Copy of ID/Passport for Directors
  2. Copy of KRA Pin for the Directors
  3. Certificate of Incorporation
  4. Company KRA Pin
  5. Memorandum & Articles of Association
  6. 3 years Audited Books & Accounts
  7. 1 year Bank Statements
  8. Tax Compliance Certificate
  9. Board of Directors Resolution to Borrow
  10. Returns to Registrar of Companies
  11. Copy of Title
  12. Sale Agreement
  13. Land rates & rents receipts

Rates / Pricing

  • Appraisal fee – 1.5% of loan amount.
  • Stamp duty on transfer – 4%
  • Interest rate – 17% on reducing balance
  • Legal fees – based on Advocates remuneration order
  • Valuation fees – Approx. 0.4% of property value
  • Insurance (Life & Fire) – 0.5% of Mortgage cover
  • Debit income ratio – 80% of net disposable income
  • Interest rate – 17% on reducing balance for business.

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