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KUSCO Housing Fund
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nafuu
#1 Posted : Sunday, October 28, 2012 10:38:09 AM
Rank: Hello


Joined: 5/28/2012
Posts: 5
Has anyone taken this Kusco Loans recently, i understand they offer the loan at 14 per cent per annum, is their interest on a reducing balance basis.
Thanks
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mycool
#2 Posted : Sunday, October 28, 2012 11:52:02 PM
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Joined: 4/30/2007
Posts: 92
I'd also wish to know anyone's experience with them.
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Gathige
#3 Posted : Monday, October 29, 2012 8:30:47 AM
Rank: Elder


Joined: 3/29/2011
Posts: 2,242
I tried to apply after about two years of savings but flopped due to valuation assessment. My site location was considered too risky and planning to try again future on a different site location.

Anyone who has been successful can share insights
"Things that matter most must never be at the mercy of things that matter least." Goethe
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majimaji
#4 Posted : Monday, October 29, 2012 9:02:11 AM
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Joined: 4/4/2007
Posts: 1,162

@Gathige, how can a site location be risky? Elaborate please.
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Gathige
#5 Posted : Monday, October 29, 2012 2:41:17 PM
Rank: Elder


Joined: 3/29/2011
Posts: 2,242
@ majimaji,

According to the valuer who did the assessment, the location of the land that i wanted to develop was remote and could not be easily sold in case i defaulted.

Anyone with experience with them can sheet more light and enlighten us
"Things that matter most must never be at the mercy of things that matter least." Goethe
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digitek1
#6 Posted : Monday, October 29, 2012 3:17:44 PM
Rank: Veteran


Joined: 2/3/2010
Posts: 1,797
Location: Kenya
KUSCCO Home Loan
The KUSCCO Home Loan is targeted at individuals who wish to buy or construct their dream homes. To qualify, the SACCO members need to:
Pay a registration fee of Ksh 1,500
Save a minimum of Ksh 2,000 monthly
Qualifying for the KUSCCO Home Loan
All SACCO members can qualify for the KUSCCO Home Loan. Interested applicants will be required to get letters of introduction from their respective SACCOs. The general terms and benefits of the KUSSCO Home Loan are as below:
Applicants must have continuously saved for at least 6 months with the KUSCCO Housing Fund;
The fund will advance loans up to 5 times the amount of applicants’ savings at the time of application;
The fund will advance up to Ksh 7million and a minimum of Ksh 450,000;
Loans are repayable for up to a period of 15 years;
Security and terms for the loans
The housing fund loan will be secured by a number of collateral, including:
Members’ savings with the KUSCCO Housing Fund;
Title deeds of land being developed or houses being bought;
KUSCCO will have the first legal charge of the property during the period of loan repayment;
KUSCCO House Master Loan
I may be wrong..but then I could be right
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Coolbull
#7 Posted : Wednesday, May 14, 2014 11:26:18 AM
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Joined: 10/23/2007
Posts: 604
@Gathige - did you succeed?

I intend to join Kuscco soon....
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Gathige
#8 Posted : Monday, May 19, 2014 4:46:18 PM
Rank: Elder


Joined: 3/29/2011
Posts: 2,242


@Coolbull, i pulled out and got my savings and moved on.
"Things that matter most must never be at the mercy of things that matter least." Goethe
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webish
#9 Posted : Saturday, June 07, 2014 2:39:44 PM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
Coolbull wrote:
@Gathige - did you succeed?

I intend to join Kuscco soon....


I would encourage you to. I have been member for two years now. And i have close relatives who have picked up loans with them. Positive feedback from them(so far)..

Life is joy, death is peace, but the transition is very difficult.
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carygoh
#10 Posted : Saturday, June 07, 2014 10:22:18 PM
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Joined: 5/4/2008
Posts: 1,703
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webish
#11 Posted : Monday, June 30, 2014 10:31:41 AM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
carygoh wrote:
http://www.standardmedia.co.ke/article/2000123753/kuscco-to-construct-120-housing-units-in-kitengela
'

No much details on that article. Sad

Life is joy, death is peace, but the transition is very difficult.
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icecube
#12 Posted : Sunday, July 06, 2014 11:36:00 AM
Rank: Member


Joined: 1/2/2008
Posts: 268
Location: Nairobi
carygoh wrote:
http://www.standardmedia.co.ke/article/2000123753/kuscco-to-construct-120-housing-units-in-kitengela

Not much information. The writer is just excited for nothing...misleading
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seppuku
#13 Posted : Sunday, July 06, 2014 11:24:59 PM
Rank: Veteran


Joined: 5/11/2010
Posts: 918
webish wrote:
Coolbull wrote:
@Gathige - did you succeed?

I intend to join Kuscco soon....


I would encourage you to. I have been member for two years now. And i have close relatives who have picked up loans with them. Positive feedback from them(so far)..


I'd never heard about them until yesterday, during the co-operatives (ushirika) fare at KICC. Details are as explained by @digitek1, except they now say the minimum contribution is KES 5,000. The deal sounds quite attractive to me. Any more reviews, anyone?
Learn first to treat your time as you would your money, then treat your money as you do your time.
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littledove
#14 Posted : Monday, July 07, 2014 8:37:19 AM
Rank: Veteran


Joined: 7/1/2014
Posts: 903
Location: sky
seppuku wrote:
webish wrote:
Coolbull wrote:
@Gathige - did you succeed?

I intend to join Kuscco soon....


I would encourage you to. I have been member for two years now. And i have close relatives who have picked up loans with them. Positive feedback from them(so far)..


I'd never heard about them until yesterday, during the co-operatives (ushirika) fare at KICC. Details are as explained by @digitek1, except they now say the minimum contribution is KES 5,000. The deal sounds quite attractive to me. Any more reviews, anyone?

is that a monthly contribution?
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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littledove
#15 Posted : Monday, July 07, 2014 8:40:36 AM
Rank: Veteran


Joined: 7/1/2014
Posts: 903
Location: sky
littledove wrote:
seppuku wrote:
webish wrote:
Coolbull wrote:
@Gathige - did you succeed?

I intend to join Kuscco soon....


I would encourage you to. I have been member for two years now. And i have close relatives who have picked up loans with them. Positive feedback from them(so far)..


I'd never heard about them until yesterday, during the co-operatives (ushirika) fare at KICC. Details are as explained by @digitek1, except they now say the minimum contribution is KES 5,000. The deal sounds quite attractive to me. Any more reviews, anyone?

is that a monthly contribution?

if you complete paying loan, can one request for refund or you are tied there forever?
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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webish
#16 Posted : Monday, July 07, 2014 9:01:26 AM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
littledove wrote:
seppuku wrote:
webish wrote:
Coolbull wrote:
@Gathige - did you succeed?

I intend to join Kuscco soon....


I would encourage you to. I have been member for two years now. And i have close relatives who have picked up loans with them. Positive feedback from them(so far)..


I'd never heard about them until yesterday, during the co-operatives (ushirika) fare at KICC. Details are as explained by @digitek1, except they now say the minimum contribution is KES 5,000. The deal sounds quite attractive to me. Any more reviews, anyone?

is that a monthly contribution?


Yes, should be. They are very keen on consistency.. deposit gaps are not encouraged. Can be used against you during borrowing.

Quote:
if you complete paying loan, can one request for refund or you are tied there forever?


You can always get back your money, but you must request in written form. Then it takes a while (say 6 weeks, i think)..to discourage people from easily/quickly accessing the savings. I've not personaly done it, but I once asked.

Life is joy, death is peace, but the transition is very difficult.
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seppuku
#17 Posted : Monday, July 07, 2014 1:34:46 PM
Rank: Veteran


Joined: 5/11/2010
Posts: 918
webish wrote:
littledove wrote:
seppuku wrote:
webish wrote:
Coolbull wrote:
@Gathige - did you succeed?

I intend to join Kuscco soon....


I would encourage you to. I have been member for two years now. And i have close relatives who have picked up loans with them. Positive feedback from them(so far)..


I'd never heard about them until yesterday, during the co-operatives (ushirika) fare at KICC. Details are as explained by @digitek1, except they now say the minimum contribution is KES 5,000. The deal sounds quite attractive to me. Any more reviews, anyone?

is that a monthly contribution?


Yes, should be. They are very keen on consistency.. deposit gaps are not encouraged. Can be used against you during borrowing.

Quote:
if you complete paying loan, can one request for refund or you are tied there forever?


You can always get back your money, but you must request in written form. Then it takes a while (say 6 weeks, i think)..to discourage people from easily/quickly accessing the savings. I've not personaly done it, but I once asked.


Yeah, @littledove, it is monthly contribution. I think what @littledove is asking is accessing your original savings once you are done paying their home loan. Which makes sense because acquiring a home would likely be the reason that caused you to join in the first place.

@webish, ever borrowed from them yourself?
Learn first to treat your time as you would your money, then treat your money as you do your time.
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webish
#18 Posted : Tuesday, July 15, 2014 9:19:46 AM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
seppuku wrote:

@webish, ever borrowed from them yourself?


Nope, not yet. Planning to do so approximately in a Years' time. Still saving. smile

But I have close relatives who are currently servicing their 1st loans.

Life is joy, death is peace, but the transition is very difficult.
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webish
#19 Posted : Tuesday, July 15, 2014 9:22:40 AM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
seppuku wrote:


I think what @littledove is asking is accessing your original savings once you are done paying their home loan. Which makes sense because acquiring a home would likely be the reason that caused you to join in the first place.


This should be possible as well. It's your Money. But chances are, you will more likely want to keep using the facility...well, depending on your objectives after the 1st Loan. smile

Life is joy, death is peace, but the transition is very difficult.
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kangi
#20 Posted : Tuesday, November 21, 2017 7:19:21 PM
Rank: Member


Joined: 7/23/2009
Posts: 526
@Webish et al. Any recent updates on this facility? i Have just joined and wish to aggressively save to access and remain a member.
Accept no one's definition of your life; define your life.
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