KCB/Sacco

Plot Purchase Loan

A plot purchase loan will enable you acquire that piece of land in Kenya - buy a plot that you can either use for residential or commercial development purposes.

Benefits:

  1. Qualify for a plot purchase loan after seven days of joining and contributing to your Sacco Main Savings Account. You can contribute a lump sum into your account.
  2. You will be eligible for a loan of up to five times (x5) your total Main Savings Account contributions
  3. Ability to use your U.S. information and income sources - you will be pre-qualified for the loan using Form W-2, Form 1099, U.S. bank statements, IRS tax returns and other documentation that proves your ability to repay the loan.
  4. Pay for any plot - use this loan to pay for plots sourced independently by you, your family members or by the Sacco
  5. Take and service the loan while you're still in the Diaspora
  6. Enjoy lower interest rates on repayments
  7. Less paperwork, less tedious loan process and fast loan approvals
  8. You will have access to vetted legal professionals to facilitate your plot acquisition

How much money will you receive towards your plot purchase?

To purchase a plot, KCB Bank will finance you up to a maximum of 90% of the purchase price or valuation whichever is lower.

As a Sacco member, you should have 20% of the loan amount in the Main Savings Account with the Sacco to qualify for a plot purchase loan.

  1. Minimum loan amount: KES 300,000.00 – three hundred thousand. Subject to repayment ability.
  2. Maximum loan amount: Five times (x5) your member’s contribution in the Main Savings Account of the Sacco.

Interest Rates:

You will pay back the loan using the following rates:

Loans taken in USD - 8% interest rate
Loans taken in KES - 15% interest rate

The interest rates are fixed for the first five (5) years and are charged on a reducing balance.

Loan Repayment Period:

Loans taken in USD - maximum repayment term - 10 years
Loans taken in KES - maximum repayment term - 10 years

*There is no penalty charged for repaying the loan faster.

Requirements for a Plot Purchase loan:

Your loan application form should be accompanied by the following documents.

If you are employed:

  1. Pay-stubs for the latest 3 months (Notarized)
  2. Letter from employer confirming employment status (Notarized)
  3. Bank statements for the latest 6 months (Notarized)
  4. Copy of Kenya ID or Kenya valid Passport
  5. KRA PIN Certificate
  6. Copy of the latest W2 Form issued by the employer
  7. Open a Bank account with KCB
  8. Two passport size photographs
  9. If married - spousal Consent form or Sworn Affidavit witnessed by a notary public
  10. If single - sworn affidavit witnessed by a notary public
  11. Sale agreement duly signed by both parties and witnessed by a lawyer
  12. Copy of the title document for the plot being purchased/charged (Minimum lease term 35 years)

If you are Self-employed or Contract:

  1. Bank statements for the latest 12 months (Notarized)
  2. Copy of Kenya ID or Kenya valid Passport
  3. KRA PIN certificate
  4. Open a KCB Bank account
  5. Two passport size photographs
  6. Business registration certificate
  7. IRS Business Tax Returns for the latest filing year
  8. If married - spousal Consent form or Sworn Affidavit witnessed by a notary public
  9. If single - sworn affidavit witnessed by a notary public
  10. Sale agreement duly signed by both parties and witnessed by a lawyer
  11. Copy of the title document for the plot being purchased /charged (Minimum lease term 35 years)
  12. 1099 Forms and/or any other supporting documents.

How to Apply for a Plot Purchase loan:

  1. Download the loan application form and complete in its entirety
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents
  3. Send by Postal Mail the completed form with all documents and a non-refundable processing/handling fee of $100 check or Money Order to:

    Kenya USA Diaspora Sacco
    1320 Roswell Road
    Suite G6
    Marietta GA 30062

**Forms mailed without the $100 handling fee will not be processed.**

Download Loan Application Form

Download Plot Purchase Loan Terms & Conditions

Ungana na Sacco Ujijenge!
Contact Us

Offices and Contact Information

Victoria Towers, Ground Floor 
Kilimanjaro Avenue, Upper Hill 
P.O Box 21372 - 00100 GPO Nairobi, Kenya

USA TEL: +1 678 398 7728 
TEL: +254 792 746 217

Email:
info@kenyadiasporasacco.com

Sacco Office Hours:

EAT: 08.00 Hrs - 02:00 Hrs
EST: 00:00 Hrs - 18:00 Hrs
CST: 23:00 Hrs - 15:00 Hrs
PST: 21:00 Hrs - 17:00 Hrs

OPEN: Mon - Fri
CLOSED: Sat - Sun