Makao Halisi Loan Process
|1||The member to choose from a catalogue the building design and cost||1|
|2||Check the eligibility based on estimates, the actual costing to be established after the Koto team visits the member’s land.|
|3||The Koto team to visit the land and give actual cost to be incurred in constructing the house.||2|
|4||Confirm the loan eligibility based on cost given by Koto and advise member on amount to apply.|
|5||Member to fill loan application and provide necessary documents.||2|
|6||Provide the member with a list of Valuers & Lawyer to choose.|
|7||Valuation process of the land.||5|
|8||The loan application is presented to the Credit Committee for approval||30|
|9||Charging process of the land.|
|10||Disbursement of down payment to be done. Koto to start building the house, Sacco’s project manager supervises the building.||30|
|11||After the building is completed, remittance advice sent to the member to effect deductions.||1|
|12||Further charge of the property after building is completed.||30|
|13||The building is insured (Sacco has partnered with CIC)||2|
Costs to be incurred by the member:
- The initial visit by the Koto team to the land (commitment fees of Kshs: 100,000 which will be considered as part of the building.)
- Excavation and Land leveling cost – Depend on the land area and soil type.
- Valuation charges (1% of the value, minimum fees Kshs: 15,000)
- County Approval cost – Optional (Kshs: 50,000)
- Charging costs – (As stipulated in Advocate Remuneration order 2006)
- Building Costs – As catalogue
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