Muganga SACCO


Muganga SACCO Mortgage loan is intended to promote provision of shelter to its members through financing purchase or development of residential and commercial properties. This loan will be offered in 3 categories: construction, house purchase, and plot purchase.  

Targeted Members

  • The targeted members are individuals and corporate borrowers seeking mortgage loans to purchase or construct residential houses or commercial buildings in both urban and rural areas;
  • Cooperatives, association, companies of members operating small   scale businesses.


  • Help members to have their own homes;
  • Help members to have other source of income;
  • Flexible repayment period.

Eligibility Criteria

  • Being MUGANGA SACCO member at least 6 months
  • Individual members / cooperatives, association, companies of members operating small scale businesses (for at least 6 months);
  • Regular compulsory savings;
  • Individual member should be at least 18 years old;
  • Being registered in Muganga SACCO Mobile Banking;
  • The salary to be channeled at Muganga SACCO for at least 1 month;
  • Having paid membership fees in full (Frw 50,000 of share capital);
  • Have an employment contract (not in probation);
  • Having regular income for non-employees (Business, Rental, livestock, etc…….) and be channeled to Muganga SACCO at least 1 Month;
  • Have an adequate credit history for borrowing;
  • Having 18 years old (Minimum);
  • Must not have the loans in arrears in MUGANGA SACCO or any other financial institution in Rwanda (blacklisted by Credit Reference Bureau);
  • Valuation report of the collateral;
  • Applicant must have his/her own contribution equals to 20% of requested amount;
  • Applicant must have his/her own plot if the loan is for construction;
  • Applicant must provide a valid Construction permit if the loan is for construction /renovation.

Products features

  • Maximum amount is open up the Muganga SACCO ceiling;
  • Repayable in 5 years (60 months) maximum;
  • The interest rate is 13% per annum (declining);
  • Applicant is required to have his/her own contribution equals to 20% of requested amount;
  • Monthly installment equal to 50% of the monthly salary. If salary taken combined with other commitments, it cannot exceed 75% of salary;
  • The applicant must negotiate with the seller of the house and make the transfer of ownership before payment;
  • Muganga SACCO will pay the seller after collateral registration at RDB;
  • For companies, associations, cooperatives and health institutions, the loan is based on the cash flow that shows the ability to pay the loan and deposits on their accounts within Muganga SACCO.


  • Fulfil and sign Mortgage loan application and loan agreement form;
  • Copy of Identity card/Passport of applicant and his/her spouse (if married);
  • Proof of status certificate of applicant (Marriage certificate; Single certificate, Widow certificate, divorced certificate) found via Irembo services;
  • Salary certificate and employer engagement;
  • Loan commitment form;
  • Subcommittee recommendation letter;
  • Employment contract or appointment letter;
  • Proof of income for self-employed members;
  • Account statements from other financial institutions for 12 months;
  • Provisional purchase agreement (buyer & seller) of the house /plot to be purchased;
  • A detailed bill of quantities (The cost of construction projects or house renovation);
  • Valid construction permit;
  • Deed title;
  • Collateral Valuation report;
  • Any other document requested by credit department to support member’s request.