How can we assist you today?

It is a loan financed with the property being financed serving as the security or collateral backing the money that is lent by the Bank/Financial Institution. In the SBMK Mortgage loan product, you can buy a readily complete home, refinance your existing Mortgage, purchase a plot to Build or Move your existing mortgage balance to us, all at competitive interest rates and on reducing balance!

There are several types of Mortgage Loans such as Straight purchase of a finished house/home, Construction Mortgage also known as “buy and build” (i.e. we buy the land and help you build a complete unit in it), Equity Release where we lend funds against the Forced Sale Value vis-à-vis the outstanding loan balance

At SBM Bank, you can qualify for a Mortgage as shown below: -

• For Retail customers: - The Debt to Service Ratio is pegged at 67% of the applicants Basic Monthly Salary. i.e. the applicants take
  home should be atleast 1/3 of the basic monthly salary as per the Government policy on the ⅔ Rule.
• For Elite Customers: - The Debt to Income Ratio (DIR) is pegged at 60% of the applicant’s net monthly income

The general requirements are as shown below;

• Duly filled SBM loan application form
• Original ID/Passport and copy
• Original KRA PIN Certificate and copy
• Certified Bank account statements for the last 6 months (For Non-SBM Bank customer)
• Pay slips for the last 3 months (original or copy certified by employer)
• Letter from employer confirming terms and conditions of employment
• Copy of work permit (if non-Kenyan)

In addition, specific Mortgage types have different requirements as below: -

For Straight Home Purchase Applications

• Identify a home you would like to purchase or get in touch with us to assist you with suitable home options.
• Present applicable supporting documents as above.

For Home Equity Applications (Borrowing Against an existing developed property)

• Present Copy of Title of your property.
• SBM BANK will arrange for a valuation of the property. (Fees payable by applicant)
• Present documents supporting your Income line (see overleaf).

To Construction Finance applications

• Present Copy of Title of your property
• Present your Building Plans & CV/Profile of an Architect
• Present your Structural Drawings & CV/Profile of a Structural Engineer
• Present your Bill of Quantities & CV/Profile of a Quantity Surveyor

The minimum amount one can borrow is Kes. 2,000,000/- while the maximum amount depends on the income of the customer. The maximum repayment period is 20 years or retirement age, whichever is earlier.

There is a one off facility fees (processing fees) payment of 1 % of the loan amount. You will also pay credit life protection fees. If you do not pay the loan instalments in line with the agreed contractual terms then you may also incur default interest on any arrears. The rate and fees that apply to individual loans are fully disclosed in the Total Cost of Credit (TCC) form before signing the loan contract.

It is a fee that covers the applicant against any calamity whereby should injury or sickness occur resulting in death or permanent disability, the outstanding loan will be paid up in full by the bank.

There is a retrenchment cover provided for up to 9 months loan repayments but subject to the retrenched customer remaining unemployed and subject to a max limit of Kes.2M. We know that things don’t always occur as planned. An important part of what we do is understanding your personal circumstances and helping you through those situations and difficult times. Get in touch with us immediately on 0709 800 000/ 0730 175 000 or visit your local branch to work out a suitable repayment plan.

Once we have all the information needed to assess the loan application, we endeavour to meet your timing requirements. Often this is within 48 working hours for approval/decline decision by our Credit team, but we will always give you a clear indication of the time involved and what we need from you to speed up the process. Once approval is granted, the conveyance process commences and this may take upto a maximum of 60 days.

Yes, you definitely can. We provide funds to repay debt with other lenders as well as a wide range of other needs that arise such as outstanding bills or unexpected costs, family emergencies and events, travel, car repairs or purchase, new or replacement of household items, school fees and uniforms. This is predominantly covered within the Equity Release type of Mortgage Talk to our friendly staff about what we can make possible for you on 0709 800 000/ 0730 175 000 or visit your local branch.