Church Taka/Land loan
This product is given to churches that need to buy land for church establishment
The following applies to the acquisition of glory church Taka/land loans:
a. The maximum amount of principle guaranteed to the church shall not exceed 10 times a member share capital.
b. Currently, the maximum amount of Taka loan is UGX 30 million.
c. 30% of required loan amount shall act as initial deposit by the member. (Interest of 2% p.a given to 30% deposit).
d. The property in purchase shall act as collateral/ security for such members.
e. A minimum of two guarantors is required unless such loans are fully covered by church shares or fixed deposit amount and such a member
has not guaranteed anybody.
f. The maximum repayment period is thirty six (36) months.
g. An affidavit signed by the society‘s lawyer is required if the payment period exceeds thirty six (36) months.
h. Interest rate is 2% per month on flat rate
i. Loan processing of 1% shall be charged.
j. Insurance of 1% of total loan shall be charged.