Mwalimu Sacco Launches Low-Cost Mortgage Options

Mwalimu National Sacco has teamed up with Kenya Mortgage Refinancing Company to introduce a new mortgage loan with the lowest interest rate, aimed at increasing access to affordable housing for its members.

The loan, which will be available to members nationwide, will have a minimum amount of Sh500,000 and a maximum of Sh8 million, and an interest rate of 9%. This was announced by the Chairman of Mwalimu National Sacco, Joel Gacheri, during the launch event.

‘’The mortgage loan facility will assist members to acquire ready houses built across the country for a long-term loan facility, repayable in up to 308 months,’’ Gachari said.

At the launch event, Mwalimu National Sacco also introduced two new loan facilities, one for asset financing and one for financing insurance premiums. The asset financing loan will allow members to obtain personal loans, while the insurance premium financing will help members pay for insurance coverage.

Gacheri said that this will enable the members to purchase affordable housing, personal assets, commercial businesses, and insurance at competitive prices, which will help them acquire a home and assets at the lowest possible interest rate.

‘’This is a milestone for the Sacco Membership and an ingredient for enabling our members to get an increased space for growth and expansion,’’ Gachari added.

Furthermore, the CEO of Mwalimu National Sacco, Mr. Kenneth Odhiambo, stated that the three new products launched will greatly benefit the members by giving them access to these facilities at competitive rates.

He added that the asset financing product offered to members will be a significant change in the market as it will provide an opportunity for members to purchase any asset they desire, such as commercial vehicles, personal cars, machinery, and equipment.

Mwalimu National Sacco has seen a rise in its membership and is one of the fastest-growing Saccos in Africa. Its membership has risen to over 116,000 members and it has seen an uptick in demand for its various products in recent years.