Harambee Sacco becomes the first members savings sacco to get a license from Kenya Mortgage Re financing Company to lend to its members and general public for affordable mortgage, by launching two products namely,Harambee Jenga Loan and Harambee Home Loan.
Speaking during the launch of the scheme, the Chief Guest Major General Badi the Director General of newly established Nairobi Metropolitan Authority, said this was a milestone for Kenyans to own affordable homes. “It’s very noble move by harambee Sacco to launch mortage scheme for members who are majorly from Kenya disciplined forces, office of the President staff, government ministries, Kenya forest, national youth services,parastatals and county government staff recently general public” Said Badi adding that for many years particularly in the military, Harambee sacco has been a very beneficial partner where officers have got finances for school fees, business venture and even for dowry payment.
On his part the National Chairman of Harambee Sacco Mr Macloud Malonza said that moving forward the sacco was setting the pace for proper home buying “in the past members have been taking home loans in a very haphazard money and in the long run the dreams of owing homes have been shattered” Says Malonza.
The giant Sacco in terms of membership and capitalization, Chief Executive Dr.George Ochiri said that the sacco was pushing the government of Kenya access to affordable homes agenda of the government.
Harambee two mortgage products will support members who want to build homes under Jenga Loan and those who want ready houses known as Harambee Home loans. The two loans facilities enjoy maximum repayment period of 25 years capped at Ksh.4 Million with an interest capped not more than 9%.According to the Sacco initial projection is for 600 units by 2025 at a cost of 3 Billion.