Home General Mwalimu Sacco Rolls Out Affordable Housing Mortgage

Mwalimu Sacco Rolls Out Affordable Housing Mortgage

Mwalimu National Sacco has partnered with Kenya Mortgage Refinancing Company (KMRC), to rolled out affordable housing mortgage scheme at competitive pricing.

Read also: Business Loans offered at Mwalimu National Sacco, Requirements

According to the Sacco, the Board approved roll out of the product through a refinancing scheme for purchase of residential houses at Kisaju Park as phase one (1) of the implementation of mortgage lending solution to all the Sacco Members.

Read also: How to log in to Mwalimu National Sacco Members Portal for Loans, dividends and Statements


Read also: Mwalimu National Karibu Loan for Newly TSC Teachers and Interns; Requirements and Terms

Features Description
Target market Mwalimu Members
Purpose of the loan Purchase of a Residential House,
Maximum Tenure Repayment period up to 25 years subject to borrower•s retirement age (maximum 60 years.)


• Minimum Ksh.500,OOO Maximum of up to Ksh. 4 million for developments around major cities and Ksh. 3 million for upcountry developments/Developments in rural areas

• Loan to Value (LTV) ratio is 90% + costs (costs covered by short term loans).

• Repayment period up to 25 years subject to borrower’s retirement age (maximum 60 years).

• This will be extended to borrowers with a monthly income of not more than Ksh15O.000. 

Interest Rate 9% per annum on reducing balance basis. This is equivalent to KMRC rate currently at 5% plus 4% margin totalling to 9%. Any change in the rate will be determined by KMRC rate and approval by MNS Board.
Negotiation fee 1 % one off
Insurance Property and life insurance cover by the borrower during the entire term of the mortgage. Incase of failure to renew the insurance policy, the SACCO Will renew and pass over the cost t e customer.
Valuation The property must be valued. and a valuation report submitted This property will be revalue after every three years, This will be done by Mwalimu National prequalified valuers.
Disbursement Mortgage disbursement shall be made upon completion of the security perfection and the member meeting all conditions set out in the letter of Offer.
Late payments Late payments will attract a penalty of 2% of the overdue amount.

Read also: List of Mwalimu national Sacco branches 2021

Eligibility criteria for the housing mortgages 

The eligible property to secure the loan must either be

  1. Owner occupied.
  • Title residential properties
  • Freestanding or apartment .
  • Properties occupied by close relatives of owner.

2. “The title must be free from any delinquencies and encumbrances.

3. The maximum mortgage loan limit will be Ksh.4 Million.

5. The tenure of the collateral: Full ownership and if Leasehold with a minimum of 40 years to expiry of the lease

The New loan product takes effect immediately in all Mwalimu National FOSA branches through the Business Loans officers.

For more details visit www.mwalimuinational.coop and our FOSA branches countrywide

Popular Posts

KUCCPS Student Portal Login student.kuccps.net for 2021/2022 Admission Application

Kenya University and College Central placement service (KUCCPS) is a body that is responsible for admission of students to universities and colleges in Kenya....

How to create new TSC TPAD Account (https://tpad2.tsc.go.ke) for self appraisal

TPAD is a performance evaluation mechanism that assesses the performance of a teacher as per the set standards prescribed by the Commission. Section 52 of...

TSC Online Payslip 2021 Login; View, Download via tpay.tsc.go.ke

Teacher service commission (TSC) Payslip is a note given to teachers after they have been paid, detailing the amount of pay given, and the...

How to apply for TSC Internship jobs online through TSC Website (hrmis.tsc.go.ke)

Recently the Teachers Service Commission advertised 6,674 recruitment vacancies for intern teachers in a bid to cushion overstretched teaching force in public primary and secondary...

How to create/Activate new tsc tpad2 account using new url link tpad2.tsc.go.ke

Owing to complaints registered by teachers,TSC, has come up with a new tpad2 URL that loads faster. This means that now teachers will have...