NCBA Plot Loan Amount, Repayment and Interest Rates
The bank gives a minimum of ksh 500,000 as plot loan to qualified applicants. However a borrower can get a higher amount depending on the land value being purchased. The maximum the bank can give is up to 70% financing.
NCBA Plot loans have a interest rate of 11.9% on reducing balance.
The repayment duration for plot loans is from 36 months (3 years) to a maximum of 60 months ( 5 years). In some cases the repayment duration can go up to 25 years.
NCBA Plot Loan Fees
In addition to the interest charged, NCBA Plot loans also have a facility fee. This facility fee is 1% for applicants in Kenya and 2% for borrowers in the diaspora.
Who Can Get NCBA Plot Loans
The loan is for anyone who wants to buy land especially in Kenyan major towns. The land can be for commercial or residential purposes.
This loan facility is for both Kenyans in the country and those in diaspora.
Similar to NCBA Plot Loan
NCBA has other mortgage loan services in addition to the plot loans. These are ;
NCBA Home Loans
This loans facility helps a borrower to buy, build or renovate a home. NCBA finances up to 105% of the property value. The interest rate is 11.9% on reducing balance and the loan repayment duration can go up to 25 years.
NCBA Easy Build
This is a special NCBA project which give applicants access to building plans and can choose where the building should be constructed. NCBA only hands over the property to the applicant when it's complete.
NCBA Equity Release
This mortgage option is for individuals with existing property. Borrowers can use their existing property as collateral for taking a mortgage loan.
The loan amount ranges from ksh 100,000 to ksh 2 million to be repaid after up to a duration of 25 years.
How to Apply for NCBA Plot Loan
To start the application process a borrower can visit the nearest NCBA Bank branch or Apply for NCBA Plot Loan online.
NCBA Plot Loan Contacts
To get help in apply for the NCBA Plot Loan you can contact NCBA Bank Now
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