Purpose: The loan can be utilized for
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Loan limits
Minimum loan amount: Kes 1 million
Maximum loan amount: Kes 15 million
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| b ) |
Maximum term is 10 years up to the age of 60 or retirement age which ever comes first. |
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| c ) |
Interest rate - All interest is calculated on a reducing balance.
Variable rate:
For all the loan tenors, interest rate is at SCB Base rate plus 1.75% This may vary from time to time
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| d ) |
Loan To Value ratio – The ratio of loan amount to value of the property
- City property 70%
- Urban property 60%
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| e) |
Approved Areas are:
Cities: Nairobi, Mombasa, Kisumu
Urban: Eldoret, Thika, Nakuru, Ngong, Kiserian, Ruiru, Meru, Nyeri, Kitale, Kakamega, Machakos, Kiambu, Embu, Athi River and Kitengela |
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| f ) |
Bank’s Fees - Facility arrangement fee: 1.5% of loan amount (Minimum Kes 10,000) |
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Legal and other requirements – Costs that the borrower will meet
- Legal Costs and Stamp duty
- Fire (property) insurance [same as standard mortgages]
- Mortgage protection insurance for the borrower – to safeguard the borrower during the mortgage term [same as standard mortgages]
- Valuation fee – Upon approval of the application, the property will be valued.
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| h ) |
Credit Rating
The Bank will require the rating for both borrower and the borrower’s employer. |
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| i ) |
Method of repayment
- Customer to open account with SCB
- The customer will ensure that payments from salary are remitted to SCB through an irrevocable Banker’s Order
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Customer Requirements: Customer is required to do or provide the following:
- Duly completed and signed Home Loan application form
- Duly completed and signed Group Mortgage Protection Cover Insurance proposal form
- Certified copy of Kenyan National Identity card
- Certified copy of valid Kenyan passport, with copy of visa
- Three (3) recent colored passport size photographs verified by bank official or notary public in the borrower’s country of residence.
- Proof of residential address in form of certified copy of latest Utility Bill e.g. electricity or telephone (must be in customer’s name)
- Certified copies of the last 6 months’ pay slips (Earnings must be in USD, EUR or GBP)
- Certified copies of latest Bank statements for at least 12 months from your current bankers
- Certified copy of Employment contract
- Introductory Letter from Employer confirming pay, length of employment, temporary/contract or permanent terms, retirement age present residential address.
- Certified copy of Work permit
- Certified copy of Kenyan PIN certificate
- Copy of duly signed Sale agreement (Letter of offer can be used to start processing the mortgage awaiting Sale Agreement)
- Certified copy of Title Deed
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Power of Attorney
Customer to appoint Agent, with Power Of Attorney, based in Kenya to act on their behalf for those parts of the process where the customer is not available to transact with SCB.
Power Of Attorney form to be provided by the Bank for the customer to execute in the presence of Notary Public.
NB: All copies to be certified by a Standard Chartered Bank Official or a Notary Public
For all queries contact SCB Kenya on Tel 254 020 3293900/3333
E-mail us through Talk.TO.Us@ke.standardchartered.com |
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