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
- Copy of ID/Passport
- Copy of KRA Pin
- 3 months’ pay slip
- Letter from Employer
- 6 months Bank statements (non National Bank customers)
- Copy of Title
- Sale Agreement
- 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
- Copy of ID/passport
- Copy of KRA Pin
- Business Registration Certificate
- 2 years Audited Books & Accounts
- 1 year Bank statements
- Tax compliance certificate
- Copy of Title
- Sale Agreement
- Land rates & rents receipts
Self-Employed – Company
- Copy of ID/Passport for Directors
- Copy of KRA Pin for the Directors
- Certificate of Incorporation
- Company KRA Pin
- Memorandum & Articles of Association
- 3 years Audited Books & Accounts
- 1 year Bank Statements
- Tax Compliance Certificate
- Board of Directors Resolution to Borrow
- Returns to Registrar of Companies
- Copy of Title
- Sale Agreement
- 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.
