Mhasibu Sacco Society Limited

Absa Towers, 8th Floor

+254 020 5141900

info@mhasibusacco.com

Loan Collateral

Don’t get stuck because you can’t find guarantors. There are other collaterals acceptable by Mhasibu SACCO as below:

  • Guarantors
  • Land Collateral Pledge
  • Land Check List
  • Motor Vehicle Collateral Pledge
  • Log Book Check
To ensure that the Sacco’s position is not weakened as a result of substitution of securities
  • Once a loan has been approved, no substitution of one security for another may occur without approval of the Credit Committee responsible for its original approval.
  • Substitution of any security may only occur after a new assessment process,

This will be followed by writing of a new letter of offer and full perfection processes.

Fixed Deposit Collateral

This shall consist of fixed monetary amounts in Kenyan currency held in the Society. Up to 100% value of the deposit at the time of loan may be offered as collateral. The requirements shall be as follows:

  • Such deposits once committed as collateral shall be locked and shall therefore not be available for withdrawal, transfer or any other purpose until the loan and interest so secured is cleared in full.
  • The member shall be required to do a letter instructing the Sacco to use fixed deposits in securing a loan.
  • The fixed deposit held after maturity shall continue earning interest.
Certificate of Completion

A member can use a certificate of completion to secure a loan so long us the land was bought through a Mhasibu housing and the title deed is not ready.
The guarantee value is the cost of land.

Requirements

  • Original Certificate
  • Jointly Registered

Certificate of completion Pledged by Third Parties/Spouses, the society will expect the following

  • Endorsement letters
  • ID cards for both the endorser and the applicant.
Guarantors
Money Market

Unit trusts

  • The member must provide the statement showing the current contribution
  • Lien must be created
  • The value used as security is the current contribution (100%)

Nairobi Securities Exchange

    • The member must provide the statement showing the quantities
    • The member must fill the CDSC 5 form
    • The lien must be created on the shares
    • The value used is 50% of the market price.
Insurance Policy (Life Policy)
  • The member must provide the original policy.
  • 100% surrender value of the insurance policy will be considered as collateral.
  • Lien must be created on the policy