Housing/Rent Loan, as a type of facility, is a loan that a member applies for in order to rent an apartment or for renewal purposes, in addition for the purchase of building materials for construction.
Amount obtainable in this case will be depending on the total package of the rent.
The tenor is to be from 5 months to a maximum of 12 months and repayment is monthly subject to a moratorium of 30 days. Interest is charged on a reducing balance basis.
- Providing property purchase and construction opportunities for self use.
- Providing a 10 to 25year micro-mortgage scheme for members.
- Providing real estate and other investment opportunities for collective gain.
- Providing investment (real estate inclusive), entrepreneurial and other life enhancing training to members at our monthly meetings.
- Always providing well-researched and negotiated clusters of landed properties which members can buy; and also assisting in developing into mini-estates while providing other services as may be required, e.g. access to mortgage facilities below the market rate building materials, etc.
- Providing opportunities for members to borrow for growth in their business
operations through our well-structured and professionally managed thrift in association with participating Micro-Finance Banks. 20% of our fund at any time is made available for our thrift operation.
- Investing our collective monthly contributions regularly and distributing
30% of surplus (gain or profit) annually as dividend on a prorated basis.