Use of Collateral as Loan Security
Did you know that you could borrow a loan at Kingdom Sacco using a Title Deed or a Logbook?
Requirements for use of a Title Deed to secure a Loan.
1. Fill and submit the form for use of Title Deed as collateral.
2. Submit Copy of the Land Title Deed you intent to use as collateral.
3. Submit Copies of ID and PIN of the borrower and registered land owner.
4. Submit Copy of ID of the spouse of the registered land owner.
5. Undertake security perfection process which involves: Search, Valuation & Charge Registration
The Search, Valuation & Charge Registration Fees will be communicated after submission of above documents to determine the cost based on the value of the loan and land registry applicable.
The process takes approximately 30 to 60 days depending on land registry involved.
The Society shall also require to check your CRB status, hence ensure to have/deposit Ksh. 180 in your FOSA Account which is the credit referencing fee that will be charged.
Requirements for use of a Logbook to secure a Loan.
1. Fill and submit the form for use of Logbook as collateral.
2. Submit Copy of the Logbook you intent to use as collateral.
3. Submit Copies of ID and PIN of the borrower and registered motor vehicle owner.
4. Undertake security perfection process which involves: Search, Valuation & Joint Registration.
5. Pay Search Fees of Ksh. 1,000 as specified on the attached form.
Afterwards payment will be required for Valuation Fees ranging between Ksh. 3,000 – 4,500 depending on motor vehicle type and payment for Joint Registration without transfer of Ksh. 9,000 or Joint Registration with transfer of Ksh. 11,000 inclusive of legal fees on the minimum depending also on the loan amount.
The process takes approximately 21 days once all the necessary documents are submitted.