Owning Your Dream House With Co-op Mortgage Loan

You all know the kind of dreams we humans have even as children, as teenagers, young professionals and in all stages of our human life.

As children, we said a thing like we would study hard, become presidents and famous people, have many cars and a big house by the sea.

On mainstream media, advertisements of people who participate in lotteries and such things win whatever amount of money offered and always we watch them on television all happy, jumpy and merry.

Then comes the part where they are asked what they would do with the money they just won. You all know the narrative. They will return God’s tithe, pay school fees for children, expand businesses, buy a plot of land and build a house and save ‘the rest’, from one million shillings. Take note, all of us want houses.

But life teaches us otherwise. It teaches us that we can study hard but won’t become presidents. Neither can we be famous. Life may even decide to deny us big cars because what do big cars do apart from siphoning your money because they need maintenance?

However, life was kind enough to allow us to keep our dreams of owning a big house by the sea alive.

You have walked all over in the city and beyond and searched the internet and have finally come to a sad conclusion that houses are expensive and you may never own one by the sea?

Well, your dreams are valid. You can actually own a beautiful home. It may not be by the sea but it will be beautiful. What you need is Co-op Bank Good Home Mortgage loan.

The Co-op Bank Good Home Mortgage loan offers you a maximum of 95 percent of the mortgage value, hence you will only need to have a minimum of 5 percent of the amount of your property is for owner-occupation. Co-op Bank will consider a maximum of 50 percent of your income as that to be applied to repay the facility. Costs associated with the process will amount to about 7 percent of the facility’s selling price.

The Co-op Bank Good Mortgage loan gives a clean title that is free from encumbrances and where all land rates and rent are cleared.

With this Mortgage, Cooperative Bank does the following:

• Does upfront disclosure of all our processes and charges for your benefit.
• They combine both variable and fixed rolling mortgages, which gives you the benefit of choosing what interest regime is good for you. In short, we have a two-in-one mortgage facility.
• For co-operative society members (SACCOs), we offer support so that they can, in turn, lend to you as a society member.
• They have special products targeting the rural population who would like to develop affordable but decent homes. These include offering wholesale mortgages and technical support to housing co-operatives to lend to their members.
• They have redefined turnkey projects to also include individuals who team up and wish to construct houses under structured projects for owner-occupation.
• They will avail a partnership mortgage with the co-operative societies to enable them easily mobilize their members and give them affordable housing.
• It offers term-based pricing which recognizes the time, the value of money and passes the benefit to our customers with a very competitive rate

The features of the mortgage and construction loans are:

1. Competitive interest rates
2. Affordable installments with a repayment period of up to 20 years
3. We also give you a moratorium (grace period) of six months
4. The house you purchase can be used as collateral and its rental income can be used to repay the loan

The requirements include:        

1. Copies of identification documents, that is, Memorandum and Articles of Association as well as a Certificate of Incorporation (for registered companies)
2. Business Registration Certificate
3. Identity cards for borrowers who do not have registered businesses
4. Identity cards for directors of registered companies and registered businesses
5. Bank statements for 6 months
6. Audited accounts for loans above Sh. 5 million
7. Resolution to borrow (for registered companies) and details of business location
8. Necessary approvals by City Council, the local authorities, NEMA and securities to be provided