Land Purchase Loan

Land Purchase Loan
This type of loan will be provided to members for personal purposes such as purchasing a house or plot, consolidating property, and acquiring land. The total loan amount will not exceed 25% of the institution's outstanding total loans. For purchasing a home or land, the loan investment can only cover up to 50% of the total value. Additionally, mandatory insurance must be obtained when purchasing a house.

  1. Loan Tenure:
    The maximum tenure for this type of loan will be up to 10 years.

  2. Loan Limit:
    The loan amount provided to each individual will not exceed 10% of the institution's total capital fund.

  3. Grace Period:
    A grace period of up to 3 months can be provided for this type of loan. However, during the grace period, interest must be paid according to the installment schedule.

  4. Repayment Method:
    The loan must be repaid in mandatory monthly or quarterly installments.