Hi, I joined one of the oldest Saccos in Kenya sometime last year. I have been able to save some good amount of cash so far. My intention was to use the Sacco loans to grow my business since bank loans were too expensive, however someone told me that I can actually acquire a mortgage through KUSCO as long as my Sacco is a member of KUSCO.

Has anyone ever succeeded in doing this? what is the procedure, processing time and associated fees. Finally what interest rates do they offer currently?

I will appreciate your wise feedback.

You have to join the Kuscco Housing Fund, gives house loan upto 5 times your savings subject to Ksh 7m maximum. Generally a good deal as they offer fixed interest rates over the repayment period of upto 20 years (u can prepay with no penalties. The interest rate is currently 14% (negative in real terms, given inflation is at 18%). Kuscco even rates your risk better than that of the Kenyan Government which is borrowing long-term money at more than 20%! I build my house with their loan and no regrets. Make sure u shorten the repayment to reduce on interest. I would advise u call them for details of how to join, etc.

...LEXBENGO, please use the telephone numbers of KUSCCO on their website to call them and get all the facts and then share with us the info you get.....