Saccos to give interest-free mortgage loans

A four bedroom house at Kencom Sacco Estate in Kiambu. PHOTO | SALATON NJAU | NMG

A group of 35 savings and credit co-operative societies has unveiled a housing loans plan in which their members will get interest-free mortgages.

The scheme dubbed Africa Tenancy Purchase Initiative will see credit union members pay an upfront deposit of 10 per cent of the cost of unit and then pay the balance in “rent” instalments for up to 20 years.

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