Makao Plus Loan

Loan limit Kshs 15,000,000
Interest rate 13% pa
Deposit multiplier is 4 times
Repayment period is 15years, but subject to the retirement age (60yrs).
The security to the loan shall be 70% of the value of the property/land
Top-up is allowed at no commission, after a repayment period of 6 months.
Members with an existing Mjengo loan can transition to the Makao Loan at no commission
Must submit approved plans from a relevant authority for the land to be developed and provided as collateral.
For ready-made properties, security to the loan shall be provided at 80% of the valuation
The Sacco shall retain 2% of the amount approved as Cash collateral which will earn interest at the same rate as those for the ordinary members.
The 2/3 salary rule shall apply, the Sacco shall equally consider other sources of income

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