Housing Loans

This product is for FIC members for purposes of building their residential houses for
occupying or commercial houses for business.
FIC members who acquire plots from FIC villages and wish to develop them benefit from
this product.
Eligibility Criteria
1) Must have a stable source of income
2) Must have a good repayment history

Terms and conditions

Maximum Loan amount4 times total saving and Investment Units.
NB: not less than a half of the minimum amount shall be in
Investment Units.
Maximum Loan period72 months
Grace periodNot more than 3 months (interest payable during grace
Repayment frequencyMonthly
Loan InterestFIC lending rate plus 1%
Interest calculation
Reducing balance
Loan processing fee2% of the approved loan amount
Penalty fees1% of the amount in arrears 30 days and above
accrued monthly
Other feesInsurance fees according to insurance policy rates.
Applicable legal charges
Applicable security perfection and due diligence fees
SecuritySavings/share capital/ business/ tangible collatr