+260 211 292995 info@carecoop.co.zm

Non CareCoop Land Loan

Non CareCoop Land Loan

Terms and Conditions

  • Deductions shall be effected within Thirty (30) days of the loan being granted and for a maximum period of Thirty Six (36) months.
  • Loan repayment period shall be up to the tenure of the contract of employment but no more than 36 months.
  • The maximum loan amount is K250,000.00
  • The total loan to be paid is the loan amount plus interest of 1% per month
  • The Loan shall be secured by Title Deeds, a Mortgage Deed and a Valuation Report of the property by a CareCoop approved Valuation Surveyor. All mortgage
    registration costs, legal fees, valuation fees etc. will be paid by the borrower. The loan will only be disbursed after the collateral has been perfected.
  • Loan applicant to attach letter of offer, copy of title deed , signed valuation report from registered valuator and contract of sale.
  • Valuation, surveying and any other related costs, in addition to the loan amount, shall be paid by the loan applicant
  • Loan payment shall be made directly to the seller of the land.
  • A member must have a minimum of 20% in savings calculated on the total loan amount applied for and accessed.
  • This  loan cannot be granted  if net pay is less than 20% of applicants’ net pay after Tax & NAPSA but not less than K500.00 after deductions
  • The Insurance for those repaying in 36 months is 1%, Those paying after 36 Months will pay 2% to cater for death of loan applicant and will be calculated from total loan.
  • Unpaid loan balances shall be deducted from the member’s savings with full interest
  • This loan cannot be granted if net pay cannot absorb deductions.
  • A member should show consistency in contributions and previous loans repayments
  • A member who has been inconsistent with monthly repayments will have to clear all outstanding balances and be consistent for at least 3 months before being able to access a new loan
  • CareCoop reserves the right to approve or reject any loan application.

Member Organisations

  • A member is eligible for this loan after saving with CareCoop for One (1) month. This will be within a member’s savings for the first Six (6) months
  • CareCoop shall consider a loan application incomplete if the following are not attached: Latest copy of payslip, Current Contract Copy and Land Sale Package
  • Members will have to provide collateral to access loans above K100,000.00 if their organisations:-  (a) Do not pay gratuity to their staff who leave employment midterm or (b) Do not clear their staff with and remit  to CareCoop upon leaving employment

General Members

New Members on DDACC can only borrow within their savings for the first three (3) months.

The Loans Committee shall consider a loan application incomplete if the following are not attached:-

General Members in Employment

  • Latest copy of Payslip
  • Current Contract of Employment/Letter of Offer
  • Post-dated Cheques or completed DDACC form
  • Letter confirming employment status

General Members in Active Business

  • Valid ZRA Tax Clearance Certificate
  • Cashflow Projections
  • Post-dated Cheque
  • Bank Statement (recent 3 months)

Other General Members

  • Proof of source of income
  • Cashflow Projections
  • Post-dated Cheque
  • Bank Statements (recent 3 months)

A member who is on DDACC and bounces 3 DDACCs within a period of 12 months will be required to provide postdated cheques for the remaining instalments