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Urban Housing Improvement Loan Facility at First Microfinance Bank

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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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