Personal Mortgage Loan – Self-employed

Overview
Is a loan facility to assist self-employed 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 80%
  • Flexible repayment term of up-to 10 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.

 

Eligibility criteria
Self-Employed – Individuals

  • Copy of ID/passport
  • Copy of KRA Pin
  • Business Registration Certificate
  • 2 years Audited Books & Accounts
  • 1 year Bank statements
  • Tax compliance certificate
  • Copy of Title
  • Sale Agreement
  • Land rates & rents receipts

 

Self-Employed – Company

  • Copy of ID/Passport for Directors
  • Copy of KRA Pin for the Directors
  • Certificate of Incorporation
  • Company KRA Pin
  • Memorandum & Articles of Association
  • 3 years Audited Books & Accounts
  • 1 year Bank Statements
  • Tax Compliance Certificate
  • Board of Directors Resolution to Borrow
  • Returns to Registrar of Companies
  • Copy of Title
  • Sale Agreement
  • Land rates & rents receipts

 

Rates / Pricing

  1. Appraisal fee – 1.5% of loan amount.
  2. Stamp duty on transfer – 4%
  3. Interest rate – 17% on reducing balance
  4. Legal fees – based on Advocates remuneration order
  5. Valuation fees – Approx. 0.4% of property value
  6. Insurance (Life & Fire) – 0.5% of Mortgage cover
  7. Debit income ratio – 80% of net disposable income
  8. Interest rate – 17% on reducing balance for business.