Gulf African Bank - Personal Construction Finance

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Personal Construction Finance

This product will help you finance the construction of your own house.
The product is based on the Shariah contract –Diminishing Musharaka.

  • Flexible monthly installments up to 20 years
  • Free financial consultation
  • Competitive profit rates
  • Personalized service
  • Certified pay-slips for the latest 3 months (May incorporate Joint income with spouse)
  • Submission of Letter of introduction from the employer confirming employment status (stating-terms, Retirement age, salary etc)
  • Original or certified (by bank) Salary Bank statements for the latest 6 months
  • Copy of Identification Card/ passport and KRA PIN certificate
  • One colored passport size photo
  • Copy of title to property being purchased/charged (Minimum lease term 45 Years)
  • Evidence of the project equity contribution by customers (Minimum 30% of the BQ cost excluding value of Land)
  • Project’s necessary Approvals:-
  • Approved Building Plans and Approved Structural Drawings. These must be drawn by an Architect duly registered by Architectural Association of Kenya (ASK)
  • NEMA approval (if applicable)
  • National Construction Authority approval ( NCA)
  • Supporting Bills of Quantities ( BOQ) drawn by appointed Quantity Surveyor (QS)
  • Copy of executed Building contract Agreement stipulating the appointed professionals
  • Main contractor to take out a Contractor’s all risk insurance
  • Evidence of existing sources of income to service monthly rentals during the construction period