Own a Home
At Promitto Ltd, we have streamlined the path to homeownership, making it easier and more accessible than ever before. With our innovative approach, owning a home becomes an achievable reality. We offer flexible financing options, tailored to suit your unique circumstances, ensuring that your dream of homeownership fits comfortably within your budget.
Enroll NowJenga Nyumba Loan
Why You Should Get It!
Sustainable Loans
Housing is a basic need. Promitto provides affordable and sustainable Jenga Nyumba loan products geared towards providing affordable housing to its members.
Construction Services
Attached to the Jenga Nyumba Loan Product, members are offered full construction services by the society's contractors to help members construct with efficiency and timeliness.
Our Terms & Conditions
01. Loan Security
Borrower agrees that on or before the date of this agreement shall deliver the following document to the lender:
- A title deed to a parcel of land upon which the construction project will be executed.
- The borrower must possess a personal title deed written under his or her name.
- In case of the title deed belonging to a second party, the company will require written consent from the second party to use the title deed.
- The title deed must be free from any distress. Title deeds held up with other financing institutions shall not be accepted.
- If there are any family disputes concerning the title deed, Promitto will not be part and parcel of that.
02. Loan Terms
(A) Deposits
- The borrower shall be required to make a 30% deposit of the loan amount depending on the selected house design.
- In cases where the borrower is not financially ready with the minimum deposit for the construction to happen, the client will be allowed to make instalments payments but will be made to understand that the construction will only start once the minimum deposit has been attained.
- In a case where the client/borrower is ready with the 30% deposit, they will proceed to sign the construction agreement for the construction to commence.
- The client can also deposit more than the required 30% minimum deposit to kickstart the project if they chose to do so.
- The Company can also enter into a construction agreement with a client not seeking a loan facility for construction on the condition that the client provides the full finances to undertake the project.
(B) Loan Repayment Terms
- The Loan shall be payable up to a maximum of seven (7) years. The exact loan term shall be as discussed and signed in the Loan application form.
- The loan interest rate for the construction loan will be at 12% on a reducing balance rate. With a monthly standard payment plan which the borrower is expected to honour without fail.
A customer can default a loan in three ways:
- If the client fails to completely repay the remaining 70% of the loan
- If the client fails to repay the monthly instalment as agreed.
- If the client fails to repay the monthly instalment on the stipulated timeline.
Actionables
If the client fails to repay any instalment within 60 days, the directive will be to:
- Repossess or auction the property.
- If the client fails to repay the loan on the agreed instalments or on the agreed timelines there will be added penalties incurred.
(C) Expenses
- In case the client changes any component of the construction along the way, QS will have to re-evaluate the change cost and charge the customer. This will have to be paid for immediately.
- In case a statutory requirement is delayed, Promitto shall not be held liable.
House Designs & Features
Two Bedroom House
Features
- Master Ensuite Bedroom with walk-in closet, 1 bedroom with a common washroom
- Dining Area, Living Room, Open Plan Kitchen, Built-in Wardrobes for the two bedrooms
- Pantry, 500 litres internal storage tank & 5,000 litres reserve tank
- Foyer at the main entrance, Septic tank, Tiled floors, 2 steel doors
- A perimeter wall equivalent to 50 by 100m, steel gate, wired with provisions of security lights, internet, CCTV and Cable TV
Three Bedroom House
Features
- Master Ensuite Bedroom with walk-in closet, 2 bedrooms with a common washroom
- Dining Area, Living Room, Open Plan Kitchen, Built-in Wardrobes for the bedrooms
- Pantry, 500 litres internal storage tank & 5,000 litres reserve tank
- Foyer at the main entrance, Septic tank, Tiled floors, 2 steel doors
- A perimeter wall equivalent to 50 by 80m, steel gate, wired with provisions of security lights, internet, CCTV and Cable TV
Four Bedroom House
Ground Floor
- Dining Area, Living Room, Pantry, One Bedroom ensuite
- Open Plan Kitchen, Cloakroom
- Foyer at the main entrance, 2 steel doors, 5000ltr internal storage tank & 5000l reserve tank
1st Floor
- Master Ensuite Bedroom with walk-in closet and balcony
- 2 bedrooms with built-in wardrobes and a shared washroom
- One Extra balcony, stairs, and tiled floors
**Note
Excavation shall not be beyond 2 feet of black cotton and the gradient is flat or gently slanting. Anything beyond a standard design, a tailored BQ will be prepared.
Construction Process
Expression of Interest
Client expresses interest to construct and commits with a deposit of KES 20,000. Promitto kicks off by performing due diligence including basic title search and KYC verification.
Client Authorization Stage
Promitto shares project details with contractor for preparation of a Bill of Quantities.
Project Assignment
Promitto provides Bill of Quantities within a maximum of 14 working days.
Clearance Stage
Promitto shares the Bill of Quantities with the Client. Client makes deposit of 30% to Promitto.
Confirmation Stage
Promitto shares the Bill of Quantities with the Client. Client makes deposit of 30% to Promitto.
Implementation, Monitoring and Evaluation Stage
Promitto flags off construction and oversees management of project. Construction ends in 6 - 12 months as client continues to make monthly repayments. Client starts making monthly repayments a month after construction begins.
Savings
Deposit Account
Our clients are allowed to save 30% of their Bills of Quantities in instalments via their members deposit account.
Requirements for Opening an Account
- Registration fees
- Property search fees
- Legal fees
- Property charge
Ready to Start Your Homeownership Journey?
Our team of experienced professionals is here to help you every step of the way.
Contact Us Today