SACCO Trend 47 These advantages significantly enhance the affordability and accessibility of home financing, making SACCOs the go-to option for aspiring homeowners with limited access to traditional mortgage options. Shared Equity Schemes Some SACCOs offer shared equity schemes, providing members with a unique opportunity to accelerate their homeownership journey. Under these schemes, members contribute a portion of their savings, and the SACCO matches those funds to create a larger pool of capital. This shared equity approach allows members to accumulate a substantial down payment, increasing their chances of securing a mortgage or purchasing a home outright. Shared equity schemes make SACCOs an attractive option for individuals who may struggle to save the entire down payment on their own. Financial Education and Homeownership Guidance SACCOs play an integral role in educating their members about the home buying process and providing guidance on homeownership. They organize workshops, seminars, and training programs focused on financial literacy and real estate investment. By equipping members with the necessary knowledge and skills, SACCOs empower individuals to make informed decisions about purchasing property, understanding mortgage terms, and evaluating investment opportunities. This financial education component sets SACCOs apart and positions them as trusted partners in the homeownership journey. Supportive Community and Networking Joining a SACCO creates an instant support system and networking platform for individuals striving for homeownership. Members can connect with like-minded individuals, share experiences, and seek advice from those who have successfully achieved their homeownership goals. The sense of community within SACCOs encourages discipline, inspires perseverance, and fosters a supportive environment that motivates members to stay committed to their dreams. Generally, savings and Credit Cooperative Societies (SACCOs) have become the preferred savings vehicle for individuals seeking to make their dream of homeownership a reality in Kenya. With convenient savings options, competitive interest rates, access to affordable home financing, shared equity schemes, financial education, and a supportive community, SACCOs offer a comprehensive solution for aspiring homeowners. If you are looking to save for your own home, consider joining a SACCO and leverage their unique advantages to accelerate your homeownership journey. With SACCOs, homeownership is not just a dream—it can become a tangible reality. The optimal savings vehicle for homeownership in Kenya SACCOs and Housing Real estate
48 SACCO Trend Pictorial SACCO Awards Captions 1. Wananchi SACCO. 2. Biashara SACCO. 3. Newfortis SACCO. 4. Yetu SACCO 2 3 4 1
SACCO Trend 49 Pictorial SACCO Awards Captions 1. Boresha SACCO. 2. UN DT SACCO. 3. Safaricom DT SACCO. 4. Nafasi DT SACCO. 2 4 1 3
Affordable housing and Housing Fund The government announced plans to build over 250,000 affordable housing units every year, to reduce the two million deficit in the country. President William Ruto’s administration introduced a 1.5% housing levy in the Finance Act 2023, to support the programme. SACCO Trend Magazine reached out to readers for their views on the controversial policy, and here is what they had to say; It is a lucrative initiative but two things aren't clear, who are the target group and their income potential and the role out so that nobody will be left out. Cooperatives work for the good of the members and no one is left out, will this plan be inclusive of all wage brackets? ~ Mutwiri John. Besides the promise of a house for the indecentlyhoused millions in Kenya's urban informal settlements, the icing on the cake regarding this initiative is the opportunity it comes with for jobs for the youths with cross-cutting skills as well as the unskilled who, ultimately, shall benefit from a rewarding skills transfer scheme for future outsourcing for sustainable income by the beneficiaries ~ Coleman Onyango Ombok, Consultant. Affordable housing might be the best project that Kenya as a country might have but the problem is the project might turn be the biggest scandal ever in the world ~ Nyongesa Tonney. Affordable housing in the Kenyan context basically means housing which is deemed to be within reach of a couple each earning KSh 50,000 per month. It is said to range between KSh 1.0 million and KSh 3.0 million ~ Lucas Adwera. 50 SACCO Trend
Kiambu, Ngong, Kangemi, Banana, Kikuyu, Limuru, Githunguri, Kiserian Wangige Bishop Kariuki Centre, Ruaka, Nairobi, Wangige Town, Kimende T 0111033100 W 0719 212 730 Dimkes Sacco E [email protected] BRANCH NETWORK Form niKU DIAL Download M-chipuka APP or Dial *645# and get to do more.