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Investment & Mortgages Bank (I&M) Home Loan
Use it to purchase home, develop home on previously purchased land, renovations, buy a home under construction by a reputable developer, or refinance an existing mortgage
- Who’s eligible?: Senior corporate managers & employees, self-employed professional of good repute, or owners of stable businesses
- Loan: minimum 1 million, maximum 10, million, and I&M will finance up to 80% of property value or purchase price. – can be repaid between 1 and 15 years
Interest is on reducing balance at base +3%
- Fees include: (1) before approval application (5,000), valuation fee (between 4,000 and 10,000) (2) after approval: processing fee (0.5%, legal fees (22,000 – 40,000) mortgage insurance (5,000 – 36,000) and processing fee (1%)
- Typical loan: To buy your 6 million shilling ($75,000) home, I&M will finance 4.8 million ($60,000), and typical annual repayment at 16% will go from 450,000 ($5,625) in year 1 to 70,000 ($875) in year 15 [base rate at most banks now is 13%]