Glory Taka /Land loan
The society buys the land or property in its name on behalf of the member. The member begins to repay the loan until completion, and on completion,
the property is transferred into the member’s name, in the meantime, the member may start using the property as he/she makes loan payments.
The following applies to the acquisition of glory individual taka/land loans:
a. The maximum amount of principle guaranteed to the member shall not exceed 10 times a member share capital.
b. Currently, the maximum a mounts of Taka/land loan is shillings 30 (UGX) millions.
(c) 30% of the 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 member’s 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
h. Interest rate is 2% per month on flat rate.
i. Loan processing fee of 1% shall be charged.
j. Insurance of 1% of total loan shall be charged.