Swenani wrote:oltome wrote:Greetings fellow Wazuans,i would like to seek advise on a suitable source of finance for a building project, i have already began the project and done with the ground floor all that remains is to lay the slab for the first floor, i tried looking for financing from Family Bank however i found their interest to be steep at 22%, could you kindly advise on a cheaper source of debt.
SACCO if you are a member of one
I am also following this. I have saved KES 1.2m and i have a potential plot 100by 100 at 1.4 (very cheap for the location) i need to build a small maisonette (3 bedroom) at max 2m.
Financing is a headache with my bank (KCB) giving me unsecured (my preference) at 22% for 48months max or 21% 36months.The problem with this is that i need 60 months to ensure repayment is manageable and yet for 60 they need me to secure it with title (i don't want to hang my title)
or i take mortgage which has so many requirements.
I need the project to be through within 4 months max so i can stop paying rent and channel it to the loan after topping up a little.