Housing Improvement Loan (Urban)

 

Housing Improvement Loan (Urban)

TYPE Housing Loan (Tameer)
Currency USD / AFA
Minimum Amount 200 dollars / AFA 14,000
Maximum Amount first cycle 10,000 dollars / AFA 700,000
Admin Fee 1 % of Disbursed Amount
Maximum increment for loan renewal Subsequent loans, based on project requirement
loan depending on repayment capacity, cost of improvement and collateral.
Possibility to have two outstanding loans for a customer Yes, but the sum of the two loan amounts should not exceed 10,000 USD/ AFA 700,000 The debt ratio and repayment capacity of combined debts should stay within
FMFB acceptable limits
Maximum loan size as a percentage of property value The loan amount may not exceed forty (40) percent of the appraised value of the home after project completion
Maximum loan size as a percentage of project cost The loan amount may not exceed 70% of the estimated project cost borrowers contribution may only be in the form of cash or kind (sweat equity)
Minimum duration 6 months
Maximum duration 36 months
Installments Monthly and Seasonal
Max. Grace Period per annum (months) Rural:Seasonal:1-6
Regular (Salaried): 1-3
Urban: 1-3
Interest Rate (Declining) 25%
Interest Rate (Flat) 14%
Saving Voluntary
Security Third party guaranty
Collateral For Loans below USD 1000 only third party gurantees and above USD 1000 Title Deed (House, Business, land, commercial building etc) + Third Party Guarantee
Purpose of Loan Incremental and new house construction, rebuilding after disasters, renovations and/or expansion of structures, and connection to domestic utilities like water and electricity; septic tanks/wells; construction of boundary walls, windows, kitchen, toilets, tubewell etc.
Eligibility Valid NID CardAge between 18-65 yearsPositive loan history with FMFB
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