Home Loan Repurchase
Loan Repurchase
  • This Loan gives members access to a new, bigger loans on fresh terms, i.e. maximum repayment period of 48 months.

  • Repurchase Loan is applicable to members who wish to apply for a loan while still servicing a previous loan

  • A commission of 5% is charged on the balance preceding the month following the application date.

  • The Repurchased loan falls under the normal terms applicable to all loans.

  • Disbursement is within 15 days from date the correctly filled loan application form + all required attachments was received.

  • Repurchase loans are processed as received.

  • Repayment period is 48 months at an interest rate of 1% per month on a reducing balance.

  • Maximum Entitlement is 4 times the members deposits, less commission of 5%, Less Outstanding Loan balance

  • The Maximum limit is Kshs 30 million.

 

Click to Find the the new Loan Application Requirements Here

CLICK HERE to download the Loan Application/Repurchase form

 


 

Illustration:

Shares-Kshs 5,000

Deposits - Kshs 195,000

Loan Balance at that point - Kshs 100,000

Facility charge on repurchase at 5% of 100, 000 = 5,000

Maximum entitlement 200,000 x 4 =  800,000

Less loan balance and 5% charge      105,000

Amount paid to member                 695,000

Amount due to the society - KES 800, 000 which is repayable within a period not exceeding 48 months at an interest rate of 1% per month on reducing balance basis