NAIROBI, Kenya, Jan 12 – Mwalimu National Sacco has partnered with Kenya Mortgage Refinancing Company (KMRC) to unveil the lowest mortgage loan facility to boost affordable housing to members.
Speaking on Thursday during the launch, Mwalimu National Sacco Chairman, Joel Gacheri said that the loan will be advanced to its members across the country for a minimum of Sh500,000 and a maximum of Sh8 million at an interest of 9 per cent.
‘’The mortgage loan facility will assist members acquire ready houses built across the country for a long-term loan facility, repayable in up to 308 months,’’ Gachari said.
During the launch, Mwalimu National Sacco also unveiled an asset financing loan facility alongside an insurance premium financing to pay for insurance covers.
The asset financing loan will enable the members to acquire personal loans.
According to Gacheri the Sacco members will now be able to acquire essential affordable housing mortgage loan products, buy personal assets, commercial businesses and get insurance premium financing at a competitive pricing which will be an ingredient for enabling them to own a home and acquire assets at the lowest interest rate.
‘’This is a milestone for the Sacco Membership and an ingredient for enabling our members get an increased space for growth and expansion,’’ Gachari added.
In addition, the Sacco’s CEO Mr. Kenneth Odhiambo said that the three products launched will go a long way in changing the lives of the Sacco members by enabling them acquire the three facilities at competitive rates.
Odhiambo said that the asset financing product being provided to the members will be a game changer in the market since it will be offering the Sacco members an opportunity to buy any asset like commercial Vehicles, personal cars, machinery and equipment.
The Mwalimu National Sacco has registered an increase in its membership and is among the fastest growing Sacco’s in Africa. The Sacco membership has grown to more than 116,000 members and is witnessing an increased patronage for its various products in recent years.
