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 a 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 the death of loan applicant and will be calculated from the 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.

Eligibility Criteria for Loan

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

Documentation

The following documents are required along with your Loan application:

  • Copy of NRC or Valid ID
  • Latest Copy of Pay slip
  • Copy of Valid Contract of Employment
  • Organization Clearance Form
  • Proforma Invoice (for Commodity Loan)
  • Copy of Mandate Form (for General Members)
  • Bank Statement (for General Members in Active Business)
  • ZRA Tax Certificate (for General Members in Active Business)
  • Cash flow projecion (for General Members in Active Business)

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