Looking for a mortgage, we will guide you in the right direction!

SCB HOME LOAN

• Purchase of Owner Occupied Residential Property in Bank approved areas
• Construction of owner occupied residential property in Bank approved areas.
• Mortgage Transfer (requirements of a mortgage transfer will be the same as that of a new application)
• Cash Out (Equity release and Top-up)
• Second Mortgage

• Must be Citizens and Permanent Residents, or Expatriates with valid work permits – who must repay within the tenure of the work permit
• Minimum Age 21
• Maximum Age 60 or retirement age whichever is earlier
• Mass Affluent Salaried Personal Customers as defined in the approved business strategy and meeting all the requirements specified below.
• Employees and Directors of reputable companies and well established SME with demonstrable and verifiable monthly income for the past 12 months and meeting all level 1 requirements.
• Professionals and consultants who earn a regular monthly income and are purchasing a residential property for owner occupation.

• Contract staff of reputable Multinational Companies , UN agencies whose policies or modus operandi are to employ staff on contract terms will be considered subject to the MNCs or UN agency confirming in writing that this is their modus operandi.

• Our Minimum loan amount: Kes 500,000/=
• Maximum loan amount is Kes 35m
• Maximum term is 20years up to the age of 60 or retirement age which ever comes first. 75 year olds will be considered subject to availability of comprehensive insurance cover

Variable Rate: for all the tenures - Variable rate may change from time to time.

• Less than 2 million – 14.5%
• Over 2m to 6m – 13.5%
• Over 6m to 9m – 12.5%
• Over 9m – 12%

Part Fixed rate: p.a. for 1 up to 5 years – You can choose to fix your rate for an initial period of 1 up to 5 years. After the expiry of the fixed rate period, you may then opt to take the variable rate prevailing at that time or negotiate to fix the rate for another period of 1 to 5 years if available

• Less than 2 million – 15.5%
• Over 2m to 6m – 14.5%
• Over 6m to 9m – 13.5%
• Over 9m – 13%

• City property 90% - Customer is required to pay only 10% of the value of property in Nairobi
• Urban property 75% - Customer is required to pay only 25% of the value of property in other towns
• Construction – 75% - Currently offered within Nairobi and environs (limited areas)
• Second Mortgage – 10% bellow first mortgage i.e. City 80% Urban 65%

• Cities: Nairobi, Mombasa, Kisumu,
• Urban: Eldoret, Thika, Nakuru, Ngong, Kiserian, Ruiru, Meru, Nyeri, Kitale, Kakamega, Machakos, Kiambu, Embu, Athi River, Kitengela, Kiserian, Kinoo, Kikuyu.

Facility arrangement fee: 1 % of loan amount (Minimum Kes 10,000)

Legal and other requirements – Costs customer is expected to meet

• Legal Costs and Stamp duty – varies depending on property value and location
• Fire (property) insurance – Comprehensive insurance with the Bank’s interest duly noted
• Mortgage protection insurance for the borrower – to safeguard the borrower during the mortgage term
• Valuation fees – upon approval of application, the property should be valued

• Fill out and sign the application form.
• Last 3 Pay slips – certified copies
• Letter from employer- stating terms of employment – certified copies
• Certified Copy of ID/ Passport
• Copy of PIN Certificate
• Sale Agreement
• Documentary evidence of any other income
• Income tax assessment forms
• Certified Copies of bank statements for 12 months for non-SCB customers
• 2 colour passport size photos for non-SCB customers
• Certified copy of Title Deed
• Complete Most Important Document in duplicate

See the customer Requirements including:

• Mortgage statement for last 12 months (instead of sale agreement)
• Stamp duty payable only applies to discharge and charge of title, as opposed to transfer of title.

See the customer Requirements including:

• Purpose: Currently no construction loan
• Maximum term: 10years
• LTV – 70% City – 60% Urban

• Open a salary account with Standard Chartered Bank
• Deduction of monthly repayment from salary and direct remittance by Payroll department