KCB/Sacco

Residential House Construction Loan

As the name suggests, when you want to build your own residential house in Kenya, this is the loan you need.

Using this loan, you can build a house or home that you or your family can live in. You can also construct the house for purposes of renting it out to generate income.

Benefits:

  1. Qualify for this loan after seven days of joining and contributing to your Sacco Main Savings Account. You can also contribute a lump-sum
  2. You will be eligible for a loan of up to ten times (x10) 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. Take and service the loan while you're still in the Diaspora
  5. Enjoy lower interest rates on repayments
  6. Enjoy less paperwork process and fast loan approvals
  7. Bad credit, or no credit, no worries
  8. You will have access to a vetted Consortium of professionals to work with you in fulfilling the construction requirements and even building the house!

How much money will you receive towards your house construction?

To construct a residential house, KCB Bank will finance up to a maximum of 100% of the Bills of Quantities total amount.

As a Sacco member, you should have 10% of the loan amount in the Main Savings Account with the Sacco to qualify for a residential house construction loan.

  1. Minimum loan amount: KES 300,000.00 - three hundred thousand. Subject to repayment ability.
  2. Maximum loan amount: Ten times (x10) your member’s contribution in the Main Savings Account of the Sacco.

Interest Rates:

You will pay back the residential house construction 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 - 15 years
Loans taken in KES - maximum repayment term - 20 years

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

Requirements for a Residential House Construction 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 property being constructed/charged (Minimum lease term 35 years)
  13. Copy of the title document for an alternative property offered as security

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 property being constructed /charged (Minimum lease term 35 years)
  12. Copy of the title document for an alternative property offered as security
  13. 1099 Forms and/or any other supporting documents.

Required Documents for the Construction:

  1. Submission of approved building plans done by a registered architect
  2. Submission of approved structural drawings, where construction is more than one storey done by a registered structural engineer.
  3. Submission of duly signed priced Bill of Quantities (BQs) done by a registered quantity surveyor.
  4. Project team (architect, civil & structural engineers, contractor, quantity surveyor) to submit their comprehensive CV’s, registration certificates & profiles detailing successful works carried out in the last 5 to 10 years
  5. Appointment of Project Manager
  6. Completion as per approved building plans.
  7. Submission of an occupation certificate.

How to Apply for a Residential House Construction 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 Residential House Construction 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