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.