Personal Mortgage Loan – Salaried

Overview
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 upto 90%
  • Flexible repayment term of upto 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

  1. Appraisal fee – 1.0% of loan amount.
  2. Stamp duty on transfer – 4%
  3. Legal fees – based on Advocates remuneration order
  4. Valuation fees – Approx. 0.4% of property value
  5. Insurance (Life & Fire) – 0.5% of Mortgage cover
  6. Debit income ratio – 65% of net disposable income
  7. Interest rate – 15.45% on reducing balance for business.

 

Eligibility criteria
Individual salaried

  • Copy of ID/Passport
  • Copy of KRA Pin
  • 3 months payslip
  • Letter from Employer
  • 6 months Bank statements (non National Bank customers)
  • Copy of Title
  • Sale Agreement
  • Land rates & rents receipts