Housing Finance Kenya

Housing Finance Company Limited

Housing Finance is the leading mortgage finance institution in Kenya. For over forty years, Housing Finance has been “turning dreams into homes” for thousands of Kenyan families and housing developers. Mainly by providing easy access to mortgage finance and by enabling our clients to save money as they build, buy and own their homes.

Housing Finance was incorporated on 8th November 1965 as per the Banking Act, under the name the Housing Finance Company of Kenya.

Our founding shareholders are the Commonwealth Development Corporation (CDC) and the Kenyan Government. In 1992, Housing Finance Company of Kenya offered part of its equity to the public and became a quoted company on the Nairobi Stock Exchange.

Since then, shareholding of the company has changed partly through a share issue on 26th February 1999 when 30 million government shares were put on offer to the public and on 11th July 2007 when the CDC Group agreed to sell all its shares to Equity Bank Limited and British American Investments Company (Kenya) Limited (BAICL). The shareholding stood at 7.32% Government, 20.0% Equity Bank Ltd, 4.9% BAICL, 7.87% NSSF and 59.91% to the public.

Housing Finance Group of Kenya is a non-operating financial services holding company, established in 2015 to comply with the country’s banking laws. The changes are also in anticipation of expanding operations outside Kenya. HFGK maintains the following subsidiaries:
(1) Finance Company Limited (HFC Limited), is a mortgage and retail bank.
(2) Housing Finance Development and Investment Limited (HFDI), is a property development and real-estate investment company.
(3) Housing Finance Insurance Agency (HFIA), an insurance services company.
(4) Housing Finance Foundation (HFF), an investment company specializing in installment purchase and lease finance for businesses and individuals.

Housing Finance Company Limited Banking Loans

Diaspora Banking

• Home Loan For Diaspora

Owning a home just got easier.

If you are looking to buy your own house, then our Home Loan is specially designed for you.

Visit any our website and set off on the course to living your dream.

Requirements

1. Copy of Kenyan Passport and ID
2. Copy of Kenyan PIN certificate
3. Copy of recent utility bill e.g. gas, power
4. Introduction Letter from employer stating terms of employment, income & retirement age
5. 3 months latest pay stubs
6. Credit Reference Bureau report from the country of residence
7. Notarized 6-month latest certified salary Bank statements
8. Notarized residence permit

All documents should be notarized by either Notary of public, Stamped by Kenyan Embassy, High Commission or Certified by our appointed agent

Features

1. Up to 90% financing of the selling price or value
2. Maximum loan term of up to 20 years for employed individuals and 10 years for SMEs and groups
3. Product is for outright purchase of a home

Fees & Rates

1. Commitment Fee of 1.5%
2. Valuation fee of approximately 0.5%
3. Legal Fees of approximately 1-2%
4. Stamp duty of 4%

Benefits

Our Home Loan provides you with an affordable way to buy a home with;

1. Up to 105% financing
2. Loan repayment duration of up to 20 years
3. For occupied homes, there is tax relief for customers
4. Mortgage protection cover in case of death or disability
5. Includes insurance cover for fire

• Vuna Hela Diaspora

The Vuna Hela equity release solution is ideal for customers who already own property and are in need of cash for other needs. The solution allows customers to tap into the value of their assets, to achieve their investment goals. We finance up to 20% of the property value, for a period of up to 10 years.

Requirements

1. Copy of Kenyan Passport and ID
2. Copy of Kenyan PIN certificate
3. Copy of recent utility bill e.g. gas, power introduction
4. Letter from employer stating terms of employment, income & retirement age
5. 3 months latest paystubs
6. Credit Reference Bureau report from the country of residence
7. Notarized 6 month latest certified salary bank statements
8. Notarized residence permit

All documents should be notarized by either Notary of public, Stamped by Kenyan Embassy, High commission or Certified by our appointed agent

Features

1. Up to a maximum of 90% of the value of the property
2. Maximum loan term of 20 years for employed individuals and 10 years for SMEs and Groups

Fees & Rates

1. Commitment Fee of 1.5%
2. Valuation fee of approximately 0.5%
3. Legal Fees of approximately 1-2%

Benefits

1. Provides customers with an affordable way to get cash off their homes
2. Up to 90% financing
3. Longer repayment durations of up to 20 years
4. Mortgage protection cover in case of death or disability
5. Insurance cover provided for fire

• Plot Purchase For Diaspora

Own a plot today and grant yourself the opportunity to become a developer. This product enables you to purchase a plot of land for future construction or development.

Requirements

1. Copy of Kenyan Passport and ID
2. Copy of Kenyan PIN certificate
3. Copy of recent utility bill e.g. gas, power introduction
4. Letter from employer stating terms of employment, income & retirement age
5. 3 months latest paystubs
6. Credit Reference Bureau report from your country of residence
7. Notarized 6 month latest certified salary bank statements
8. Notarized residence permit

All documents should be notarized by either Notary of public, Stamped by Kenyan Embassy, High commission or Certified by our appointed agent

Features

1. Up to 70% financing of the selling price or value for developed plots and 50% for undeveloped plots
2. Maximum loan term of up to 5 years

Fees & Rates

1. Commitment Fee of 1.5%
2. Valuation fee of approximately 0.5%
3. Legal fees of approximately 1-2%
4. Stamp duty of 4%

Benefits

1. Affordable way to purchase plot
2. Availability of construction loans to develop the plot

• Makao Diaspora

If you are looking to construct a house, then this is the ideal home construction solution for you.

Makao is a hassle free building solution that aims at enabling customers who own a plot to develop it conveniently and cost-effectively. Borrowers select house types from a catalogue and take advantage of building professionals provided by us, to construct it for them with minimal supervision.

Requirements

1. Copy of Kenyan Passport and ID
2. Copy of Kenyan PIN certificate
3. Copy of recent utility bill e.g. gas, power introduction
4. Letter from employer stating terms of employment, income & retirement age
5. 3 months latest paystubs
6. Credit Reference Bureau report from your country of residence
7. Notarized 6 month latest certified salary bank statements
8. Notarized residence permit

All documents should be notarized by either Notary of public, Stamped by Kenyan Embassy, High commission or Certified by our appointed agent

Features

1. Up to 100% financing
2. Opening of a Makao account
3. Access to over 50 house designs
4. Customers provided with choice to choose from Makao Home Loan or Cash Makao

Fees & Rates

Makao Home Loan

1. Commitment fees of 3.5% of construction costs/Loan approved
2. Stamp duty on charge of 0.1%
3. Statutory costs for drawings & document approval of Kes. 5,000
4. Commitment fees- 1.5%
5. Site inspection fees- 1%
6. This brings the total fees to 2.5%

Makao- Cash (Whereby there is no loan granted but we use the Customer’s funds to carry out the construction)

1. Site inspection fees – 2.5%
2. 10% of construction cost (fees charged for construction)
3. Commitment fees of 11% and statutory costs for drawings & document approval of Kes. 5,000

Benefits

1. Hassle free
2. Convenient
3. Provision of end-to-end solution for construction
4. Access to professionals
5. Availability of more than 50 house designs

• Purchase of Investment Residential Diaspora

This is a facility taken for property considered as an investment and not intended to be occupied as the primary home of the borrower. It is suitable for the individuals who want to buy another property to join the already existing stable investment. Purchasing that second piece of real estate could be one of the best decisions you ever make.

Requirements

1. Copy of Kenyan Passport and ID
2. Copy of Kenyan PIN certificate
3. Copy of recent utility bill e.g. gas, power introduction
4. Letter from employer stating terms of employment, income & retirement age
5. 3 months latest paystubs
6. Credit Reference Bureau report from your country of residence
7. Notarized 6 month latest certified salary bank statements
8. Notarized residence permit

All documents should be notarized by either Notary of public, Stamped by Kenyan Embassy, High commission or Certified by our appointed agent

Features

1. Loans of up to 85% of Selling price for single units and 70% for multiple units
2. Repayment period of up to 10 years

Fees & Rates

1. Commitment fee of 1.5%
2. Valuation fee of approximately 0.5%
3. Legal fees of approximately 1-2%
4. Stamp duty of 4%

Business Financing

• Insurance Premium Finance

Insurance Premium Finance is a short term loan product designed to facilitate financing of insurance premiums. This is given against the customer’s insurance premium bill for a maximum of 10 months with a minimum finance of KES. 25,000.

The IPF loan involves a tripartite agreement between the customer, the insurance company(guarantor) and the bank(financier).

Requirements

1. Duly completed application form which includes the IPF agreement
2. Copy of National ID/PIN for individual applicants
3. Copy of Certificate of Incorporation/Certificate of Registration for business borrowers
4. Company PIN
5. Copy of Memorandum & Articles of Association, Partnership deed or other constitutive document as per registered entity type for corporate entities
6. Board Resolution to borrow for Corporates

Fees & Rates

1. Nil commitment fees
2. Rate of interest is 4.0% above the Central bank rate (CBR) pa. The IPF card rate from this rate ranges between 1.75% to 5.30% for the period between 4 to 10 months

Features

1. Finance up to 100% of the premium amount
2. Minimum repayment tenor of 4 months and a maximum of 10 months
3. Repayments are via equal monthly installments (EMIs), payable through postdated cheques, automatic debits (for HFC clients) and standing orders
4. Minimum financing of KES 25,000

Benefits

1. Lifts the burden of lump sum insurance premium payment
2. Enhances business cash flow management
3. Immediate access to annual insurance cover
4. Flexible repayment periods for the insurance premium

• Overdraft

This product allows SME and corporate customers to manage their cash flow gaps. This would be ideal for customers who need to honour their working capital obligations as they await to collect from their debtors.

Requirements

1. Application form duly completed
2. Board of Directors resolution to open accounts
3. Certificate of Incorporation/registration
4. Company PIN & VAT
5. ID & PIN copies of all directors
6. Copy of Annual Returns/CR 12
7. Utility Bill
8. Proposal for borrowing indicating: amount being borrowed, Purpose, type of facility required,
9. proposed repayment period and any other relevant information
10. Debtors and creditors ageing
11. Audited accounts for the last three years
12. Current management accounts

Fees & Rates

1. Interest Rate: Central Bank Reference Rate (Currently 10.0%) plus a margin of 4% i.e. 14.0%p.a.
2. 2% commitment fee

Features

1. Available in KES and USD. Offered as part of your business current account
2. Simple and convenient to administer and monitor

Benefits

1. Interest is only charged on the amount utilized

• Contract Finance

This is designed to offer finance for the execution of contracts from HFC- approved list of companies for up to 12 months or below (1 year).

Requirements

1. Application form completed
2. Board of Directors resolution to open accounts
3. Certificate of incorporation/registration
4. Company PIN & VAT
5. ID & PIN copies of all directors
6. Copy of Annual Returns/CR 12
7. Utility Bill
8. Proposal for borrowing indicating: amount being borrowed, purpose, type of facility required,
9. proposed repayment period and any other relevant information
10. Audited accounts for the last three years
11. Current management accounts

Fees & Rates

1. Interest Rate: Central Bank Reference Rate (Currently 10.0%) plus a margin of 4% i.e. 14.0%p.a. or 10%p.a
2. For USD loan 2% commitment fee

Features

1. Obligor must be the principal contractor or Nominated Sub-contractor having secured contract (s) from HFC approved awarding parties
2. Maximum facility tenor of 6 months, with an option of renewal over a maximum of 3 months
3. Facilities above Kes. 1M or equivalent will require additional HFC acceptable securities
4. Loan amount not to exceed 70% of estimated total cost of executing the contract, 30% of which must be evidenced as customer’s contribution

Benefits

1. Access to finance for smooth contract execution

• Bonds & Guarantees

These are commitments by the bank to support your contractual obligations to third parties.

Requirements

1. Application form duly executed.

Fees & Rates

1. Bonds – 2%p.a. (min Kes. 3,000) plus 10% excise tax
2. Guarantee – 0.5%per quarter payable in advance
3. Issue commission (Unsecured) – 3%p.a. (min Kes. 5,000)
4. Issue commission (secured) – 2%p.a. (min Kes. 3,000)
5. Renewal commission (Unsecured) – 3%p.a. (min Kes. 5,000)
6. General Amendment – Kes. 2,000
7. Cancellation Commission – Kes. 500
8. Claims Processing – Kes. 2,500

Features

1. Guarantees can be for any amount (subject to availability of suitable facilities) and in any freely traded currency
2. Bonds and guarantees can usually be issued in the buyer’s currency
3. You want to provide assurance that you can meet your contractual obligations
4. Help tender for business that may otherwise have been out of reach
5. We issue Bid Bond /Tender Guarantee, Performance Guarantee, Retention Money Guarantee,
6. Custom Bonds and Stand by Letter of Credit (SBLC)

Benefits

1. Enables you to provide your buyer with a financial commitment to supply goods or services as agreed under a contract
2. Demonstrates your financial credibility and underpins your ability to meet contractual obligations
3. Enables you to make your proposition more attractive to your buyer
4. Allows you flexibility on negotiating contract terms because our Bonds and Guarantees can be issued in the buyer’s currency
5. Our wide range of bonds and guarantees can support you throughout the life cycle of the contract
6. Provides a choice of standard or custom made wordings, enabling us to give you and your buyer the bond or guarantee that meets your specific needs

• Letters Of Credit

Letters of credit help to cover your trading risks by allowing you to protect against defaults on delivery from local or overseas suppliers and guarantees your payments abroad.

Requirements

1. Application form duly executed

Fees & Rates

1. 0.5% p.q on issuance (Min Kes. 3,000)
2. 0.5% p.q on Acceptance (Min Kes. 3,000)
3. 0.3% flat on settlement (Min Kes. 3, 000)
4. LC Amendment (General) – Kes. 3,000
5. LC Amendment (Extension) – 0.5% p.q (min Kes. 5,000)
6. Discrepancy charges- USD 100
7. Release against indemnity charges – 0.1% flat (min Kes. 2,000)
8. LC Advising charges – Kes. 3,000
9. LC Confirmation charges – 0.5% p.q. (min Kes.5,000)
10. LC Documents discounting Charges – 0.3% flat (min Kes. 3,000)
11. LC Documents Negotiation/Precossing Charges – 0.3% flat (min Kes. 3,000)
12. Courier Charges – Kes. 4,000 Avalisation Charges – Kes.0.5% p.q. (min Kes. 3,000)
13. Holding Charges Kes. 3,000 p.m.
14. Inward Cheque for collection – USD 50
15. Documents handling charges – 0.5% flat (min Kes. 3,000)

Features

1. Offers importers finance as soon as compliant documentation is presented
2. As an importer, you wish to strengthen your credit worthiness and ensure delivery of your imports as contracted

Benefits

1. Gives you the reassurance of a secure, globally recognized method of settling overseas trade
2. Offers flexibility as we can match your letter of credit to your business needs and payment can be made for any amount and in any freely traded currency
3. Enables you to negotiate improved credit terms if you are importing goods, thereby improving your cash flow
4. Your letters of credit will be subject to the International Chamber of Commerce’s rules for
5. Documentary Credits providing you with reassurance that worldwide standards apply to you and your trading partner

• Trade Collections

It allows you to receive and make payments efficiently and securely, for your exports and imports.

Requirements

1. Application form duly executed

Fees & Rates

1. Inward Collections
2. Advising – Kes. 3,500
3. Acceptance Charges – 0.5% per quarter (min Kes. 3,500)
4. Avalisation – 1% per quarter (minimum Kes. 3,500)
5. Payment Charges – 0.5% flat (min Kes. 3,500)
6. Holding Charges – Kes. 3,000 per month
7. Swift Charges – Kes. 3,000
8. Outward Collections
9. Courier Charges – Kes. 5,000,
10. Document Handling – 0.5% (min Kes. 3,500)
11. Swift Charges – Kes. 3,000

Features

1. It offers you a straightforward, globally recognised method of settling payments for your exports and imports
2. It provides the added convenience of HFC tracing payment and acceptance

Benefits

1. A simple and safe way to receive or make payments
2. Gives you more assurance around the quality of your imports
3. Can provide reassurance, particularly when dealing with new trading partners
4. Enables you to predict your cash flow more accurately

Housing Finance Company Limited Accouts

Business Accounts

• Easycollect

Our Easycollect account targets – schools, landlords, churches and NGOs. It is specifically tailored for collections such as school fees, rent, among others.

Features & Benefits

1. No operating balance, No deposit fee
2. 1 free cheque book
3. Access to business loan facilities
4. Access to mobile banking services
5. ATM card
6. Access to insurance solutions e.g. property insurance

Requirements

1. National ID
2. Physical address confirmation
3. Original and copy of ID
4. Original and copy of ID for each signatory for companies
5. Original and copy of KRA PIN certificate
6. Originals and copies of Memorandum and Articles of -Association
7. Registration Certificate and Directors’ resolution to open an account with HFC for companies
8. Physical address confirmation

• HFC Kilimo Account

Our HFC Kilimo Account is designed to cater specifically for the needs of agribusiness.

Features & Benefits

1. No minimum balance, operating balance or ledger fees
2. Processing fee Kes.50 per item
3. Access to structured agricultural loans that cater for seasonal cash flows
4. Access to mobile banking services
5. ATM card
6. Access to insurance solutions e.g. crop insurance

Requirements

1. National ID
2. Physical address confirmation

• Microbiz Account

Microenterprise plays a key role in the development of the economy. You need a partner who provides you with micro-finance solutions to enable your dream for business come true.

Features & Benefits

1. No minimum balance, Operating balance or ledger fees
2. ATM Card
3. Mobile Banking
4. Customer categories permissible- Individuals, Private Enterprises
5. Access to insurance solutions

Requirements

1. National ID
2. Physical address confirmation

• SME Biz Account

Our SME Biz account is specially designed for SMEs who are in business and require financing to support their needs and help them grow.

Features & Benefits

1. No operating balance for individuals & private enterprises
2. Ledger fee per entry Kes. 20/- (minimum Kes. 300/- per month)
3. Access to mobile banking services
4. ATM card
5. Access to insurance solutions

Requirements

1. National ID
2. Physical address confirmation

• Kundi Bora Account

With Kundi Bora Account, get the most out of your group savings and fulfill your investment dreams.

Features & Benefits;

1. No monthly ledger fees
2. Cheque book
3. Access to group investment loans
4. Individual business loans to group members
5. up to 5 times the group savings
6. Access to insurance solutions

Basic Requirements;

1. ID
2. Physical address confirmation
3. Introduction Letter

Personal Accounts

• HFC Salary

This product is designed for employed people with a monthly salary.

Features & Benefits

1. No opening balance, No minimum balance, No monthly ledger fees
2. HFC debit card, with access to all Kenswitch ATM’s countrywide
3. Same day Salary processing
4. Access to mobile banking services
5. Free internal transfer to any HFC savings account
6. Access to salary advances and personal loans
7. Access to insurance solutions

Requirements

1. ID
2. Physical address confirmation
3. Introduction letter by employer

• YOLO

YOLO targets the youth between the ages between 18 – 35 years who are mostly in colleges, universities, etc. These are people looking at processing their HELB loans and want drafts to pay School fees.

Features & Benefits

1. No account opening balance, No Operating balance, no ledger fees
2. Faster Education loan processing (HELB)
3. Trendy / Flashy Debit card
4. Access to Mobile banking services
5. Access to insurance solutions e.g. laptop insurance

Requirements

1. ID
2. Physical address confirmation

• Current Account

Current Account Bundled

Are you looking for an account that gives you the flexibility to access your finances conveniently with a single tariff? Take control with the Personal Current Account bundled.

Features

1. Single tariff
2. Free OTC & ATM withdrawal
3. Free ATM card
4. 2 Free initial standing orders
5. Free initial cheque book

Requirements

1. National ID
2. KRA PIN
3. Physical address confirmation

Current Account Unbundled

Are you looking for an account that gives you the flexibility to access your finances conveniently? Take control with the Personal Current Account unbundled.

Features

1. OTC & ATM withdrawal
2. ATM card
3. Cheque book

Requirements

1. National ID
2. KRA PIN
3. Physical address confirmation

Housing Finance Company Limited -Housing Finance Bank Kenya

HFC is the banking and property finance subsidiary of HF Group, offering fully-fledged commercial banking and property finance solutions. These competitive solutions are customized to meet the unique needs of our customers. These include Retail Banking, Trade Finance, SME banking, Asset Finance & Insurance Premium Financing,  plot loans, construction financing, home loans, project finance, and equity release solutions.

The bank has a branch network of 25 branches and has invested in alternative channels to enhance accessibility and convenience for customers.

“The new online banking platform is part of our full-service banking strategy and aims to give customers increased accessibility and convenience in their financial transactions. This solution comes on the back of the new core banking system, allows us to provide our customers with relevant digital platforms to ease their financial transactions,” said HFC Managing Director Sam Waweru.

HFC has taken steps to secure the platform with the implementation of multi-tiered security architecture and a 24/7 transaction monitoring capability that is meant to take immediate action on any suspicious activity. This holistic approach is advised by international security standards and best practice.

The new banking platform will provide customers with to the ability to view their accounts at a glance across various devices and make transactions such as bulk payments and funds transfer remotely, significantly enhancing customers’ banking experience.

Housing Finance Company Limited Property Financing

There are several ways in which landowners obtain financing for the development of real estate properties, especially for commercial purposes. The three common financing models used are securing financing from commercial banks, use of joint ventures with capital investors commonly known as capital venture firms or pooling of resources by individual investors to form a joint venture.

Securing financing from commercial banks – Typically the landowner or developer approaches the bank with details of the project to be financed. The bank will go through the project details comprising of the project location, development cost, and target market to determine the commercial viability of the project. This is the most common method especially for real estate developers because its systematic with well-laid guidelines with continuous improvement as the real estate sector in Kenya develops. The major hindrance to the financing of property development by banks has been high-interest rates but with the capping of interest rates, the surge for this method is expected to grow. One of the leading property financiers in Kenya is HFC ltd, having shaped the property landscape for over 40 years by partnering with developers both in the public and private sector to offer property financing to individuals and companies.

Joint ventures with capital investors – The capital investors are usually individuals or firms with funds and always looking for a project with good returns for their money. With real estate in Kenya has some of the highest returns, this method of financing is quickly gaining traction. The landowner and the capital investors usually form a company specifically for the project with agreed terms on how the profits from the project will be shared. The firm owner transfers the land to the project company while the investors provide funds for the construction of the project.

The pooling of resources by individual investors – The pooling of resources is usually done by individual investors with common investment goals mainly in real estate. The resource pooling creates greater purchasing power thus more diverse and rewarding investment opportunities through a simple economy of scale. By pooling resources with other investors, we are all able to achieve something greater than what we could achieve on our own.

The group through either formal or informal partnership agreements will contribute the required funds for the project which include the purchase of land and development of the property

These groups typically have a 3-8 year life cycle depending on the project, with an initial 12 to 18 month period in which a property is fixed up, next, there is a holding period where rental or sale income maximized and operating expenses trimmed where possible. The cycle is repeated if the project was successful and a common bond is created within the group.

Housing Finance Company Limited Project Financing

Do you have a project idea? We are the right partner, together we turn your project idea into reality

Conceiving a project and making that dream come true requires hard work and the right partner. HFC project financing solution is designed to cater for both small and large property developers who wish to construct multiple units either for rent or for sale. An in-house team of experts works closely with established professionals in the design and construction industry in the development of the investor’s concepts into viable projects, all coupled with personalized and tailor-made services to meet the unique client needs. The solution is available for a wide range of property developments including office space, retail shopping Centre, individual hospitality and educational facilities.

Features & Benefits

• Competitive rates
• Financing based on anticipated cash inflows or income of the property being developed
• You will be required to finance only the interest portion of the loan during the construction phase

Housing Finance Company Limited Managing Working Capital Loans

Managing working capital is key for every successful business. If you do it right, you’ll have the flexibility to invest in your company’s growth and cover your day-to-day expenses.

Working capital loans can help you pay operational costs, such as rent, payroll, and debt payments. You shouldn’t use them for long-term investments, such as buying a plot or a fixed asset.

Banks offer the lowest financing rates on these loans, so if you own an established business with strong cash flow, you may want to start with one. Many working capital loans can be used for multiple business needs, so consider how you plan to use the proceeds before you apply.

Working capital loans for everyday needs

The term “working capital” can encompass virtually every facet of your finances, but ultimately you need it to, keep your company operating. That could include coping with seasonal dips in revenue, covering maintenance costs, keeping your payroll up to date or managing your inventory.

Working capital loans if you have unpaid customer invoices

Any company that works in the business-to-business sector will face gaps in cash flow, namely when clients pay e.g. 30, 60 or even 90 days late. To help keep your business running while waiting for payment, consider invoice financing, a financing method in which the bank fronts you the money from outstanding invoices.

As long as the companies that owe you money have strong credit, HFC can front you cash even if your business is new and you have poor credit.

When looking for a working capital loan, it’s important to compare all of your options based on Annual Percentage Rate (APR), which represents the true cost of the loan including all fees.

Housing Finance Company Limited Insurance Policies

Travel Insurance

A lot can happen while you are on a trip.

Nobody wants to think about all the things that might go wrong on their trip, but these things can and do happen. Our Travel insurance has been designed for travelers like you to cover everything you need. We make sure you’re covered, even if you run out of travel insurance while on the road.

That’s why we provide Travel Insurance for independent travelers, just to keep you on the road.

We don’t just keep you insured, with us you travel smarter and safer. Our cover comes with the following features and benefits;

• The award-winning travel insurance provider
• Complimentary airport lounge access if your flight is delayed for two or more hours
• A 24/7 medical emergency helpline
• Cover available for individual, family or group

Coverage

• Emergency medical and related expenses covered up to specified limits
• Personal accidental death and permanent disability covered up to to a specified limit
• Trip cancellation and Interruption coverage due to financial default of an airline, cruise line, or tour operator
• Baggage, trade samples, personal effects, travel documents, money and credit cards covered
• Medical expense (Primary)

Services

• A menu of services available for emergency medical requests, including prescription replacement, physician referrals, medical evacuations, and more
• Assistance with any travel emergency or request for general travel information, including lost, stolen or delayed baggage; replacing a lost passport or travel documents; emergency cash transfers; pre-trip travel advice; inoculation information; and more
• Dedicated Live Travel counselors available to help with any travel request, including flight or hotel rebooking, rental car reservations, roadside assistance, and more
• Whatever you need, whenever, or wherever you need it, you can call on your own personal assistant to help. Services include; tee time reservations, restaurant referrals and reservations, wireless device assistance, sporting or theater tickets, and more. If you need it, we’ll find it for you
• If personal information is stolen, emergency travel counselors will assist in contacting credit card companies, monitoring credit reports and working with local authorities to help with Identity restoration
• You’ll also have access to an array of services to help make short work of your business obligations, so you can enjoy your vacation
• Assistance to help maintain personal safety and personal information while traveling. Services include evacuation assistance, 24/7 access to security and safety

How To Lodge A Claim

a) Medical Emergency claims

Receipts or bills for all in-patient/ out-patient treatment or emergency dental treatment received
Receipts or bills or proof of purchase for any other transport, accommodation or other costs, charges or expenses claimed for, including calls to the Emergency Assistance Service
b) Baggage Loss/Delay

A police report from the local Police in the country where the incident occurred for all loss, theft or attempted theft
A Property Irregularity Report from the airline or a letter from the carrier where loss, theft or damage occurred in their custody
An original receipt, proof of ownership or valuations for items lost, stolen or damaged and for all items of clothing, medication, and toiletries replaced if your baggage is temporarily lost in transit for more than 12 hours. 4. All travel tickets and tags for submission
c) Travel Delay/Curtailment

A medical certificate from the treating medical practitioner explaining why it was necessary for you to cancel or curtail the trip
Booking confirmation together with a cancellation invoice from your travel agent, tour operator or provider of transport/accommodation
In the case of curtailment claims, written details from your travel agent, tour operator or provider of transport/accommodation of the separate costs of transport, accommodation and other pre-paid costs or charges that made up the total cost of the trip
Your unused travel tickets

Car Insurance

We value your car as much as you do.

Accidents do happen. Your car could get damaged or you may end up losing it through theft. If you value this
investment, why not protect it? We have great options for you, for both your private and motor commercial vehicles.

Our comprehensive car insurance covers any type of motor vehicle against accidental damage or overturning, loss or damage by fire and theft, malicious damage, perils of nature e.g floods, earthquake, storms, hurricanes and third party liabilities – which provides indemnity to the insured for death or bodily injuries to third-parties and/or passengers; and damage to property belonging to third-parties.

The following are also covered at an additional premium;

1. Accessories –These include windscreen and Radio cassettes. We will indemnify you against theft of accessories where declared
2. On request we will provide an Excess protector cover– This means no excess payable in the event of a claim for all material damage claims
3. We will provide you on request Political violence, terrorism & sabotage
4. We will provide you with the a-Courtesy car while your car is undergoing repairs in the garage

Benefits to the Insured

1. We will have your car Repaired/or pay cash in case of loss or damage to the vehicle
2. We shall follow through the Settlement of claims arising from third-party Bodily injury and third party property damage
3. We shall provide an Alternative vehicle for use in case the insured is involved in an accident and it’s in the garage
4. We shall take care of any expenses incurred in processing claims, including having an advocate appointed to represent you in court for third-party claims

Requirements

1. We shall Duly complete and signed proposal form from you
2. We shall require a copy of PIN from you or Company certificate of registration for companies.
3. PIN certificate for the company
4. Copy of Log Book
5. Applicable Premium

How To File A Claim

a) Motor Vehicle Accident

1. Accident Claim form to be filled by the insured
2. Original police abstract
3. Copy of the driver’s license
4. Copy of the log book
5. Copy of Proposal form
6. Valuation report
7. Claim Reference no.
8. Risk note

b) Motor Vehicle Theft

1. Motor Theft claim form to be filled by the insured
2. Copy of the log book
3. Original Police abstract
4. Copy of the Driver’s License
5. Statement by the insured/Driver
6. Copy of the log book
7. Copy of Proposal form
8. Valuation report
9. Claim Reference no.
10. Risk note

c)Windscreen claim

1. Windscreen claim form to be filled by the insured
2. Photo of the broken windscreen
3. ETR receipt for prior replacements of the windscreen
4. Valuation report
5. Photo of the replaced windscreen
6. Claim Reference no.
7. Risk note

Health Insurance

With our fast-paced lives, the pressure at work, responsibilities at home, and various community commitments, we rarely get the chance to live a healthy lifestyle. We succumb to lifestyle ailments such as stress-related diseases.

At HFIA we understand that managing health and medical expenses can be quite complex and expensive, especially without a medical cover. Therefore, to ensure that our customers get the best medical care available at their convenience and at reasonable costs, we developed AFYAMED.

This is a comprehensive inpatient and outpatient medical insurance cover geared to suit various medical needs which are unique to different groups and individuals.

Features

1. Pays for hospitalization medical expenses
2. Provides supplementary benefits within the main covers which includes Pre-existing conditions,
3. Chronic conditions, HIV/AIDS, Maternity, Inpatient Dental & Ophthalmology (eye disease)
4. Funeral expenses cover
5. Enables valid members to obtain quality healthcare from private providers on reimbursement
6. Various options (Plans) available
7. Optical services including eg eyeglasses/lenses/frames and eye testing. This benefit is only available to members who purchase the outpatient optical benefit and is subject to preauthorization by Britam
8. Cover available within Kenya. The cover is also available in South Sudan and Rwanda subject to preauthorization and accessing of the panel of provider network
9. Treatment abroad in India or South Africa for treatment not available locally through a scheduled flight on reimbursement. This must be preauthorized by Britam
10. Available in the rest of East Africa on reimbursement only
11. Cover includes costs of organ transplant and related costs up to specified limits. This excludes the cost of the donor and donor-related costs.

Eligibility

1. Minimum age is 1 month for a child joining the scheme as a dependant or as a principal member
2. Maximum joining age is 74 years and members over 75 years are not eligible to join the Banc med scheme. However, existing member can be on cover until the age of 75 years
3. Children are covered up to 25 years with proof that they are in school (a letter from school or school ID with expiry date will do). Children over 25 years, whether in school or not are not covered as dependants and will have to take the cover as a principal member.
4. Compulsory requirement for NHIF membership

Inpatient

1. Hospital Accommodation Charges – depending on the category, this is either in a General Ward
2. Bed, a Standard Private Room or an Ensuite Private Room
3. Doctors (Physician, Surgeon & Anesthetist) fees.
4. ICU/HDU and Theatre charges.
5. Nursing Care, Drugs & Dressings
6. Theatre, ICU and HDU
7. Surgical appliances and Internal prostheses
8. MRI, CT Scans, Pathology & Diagnostic tests
9. In-patient Physiotherapy

Outpatient

1. Consultation fees for doctors on the panel
2. Specialist fees (strictly on referral by a General Practitioner)
3. Diagnostic Laboratory and Radiology services
4. Prescribed physiotherapy prescribed by a General Practitioner
5. Treatment by chiropractors and osteopaths on referral by a General Practitioner
6. Prescribed drugs and dressings
7. Alternative Medicine on referral by a General Practitioner
8. HIV/AIDS related conditions and Prescribed ARV’s
9. Routine Immunizations (KEPI)
10. Routine Antenatal checkups (Max 1 U/S exam)
11. Postnatal care up to six weeks post-delivery
12. Chronic and recurring conditions
13. Dental services subject to sub-limits (Routine dentistry excluding dentures, braces crowns and bridges)

Are there waiting periods?

YES. They include;

1. 120 days for non-accidental surgery, gynecological and ENT surgery
2. 6 months for disclosed pre-existing, chronic, congenital and HIV/AIDS & related conditions
3. 12 months waiting period for cancer
4. Newly diagnosed chronic ailments are not subject to the waiting period but the amount payable is limited to the sublimit for pre-existing & chronic ailments
5. 12 months for maternity and related conditions and 1st Ever Emergency CS claims
6. Minimum joining age is 30 days for children. Parents must notify insurance of new born babies.
7. All illnesses are subject to 30 days waiting period except accident related cases and covers on transfer
8. Members who are on transfer will have to provide proof eg a renewal invitation letter to enable waiver of waiting periods
9. Organ transplant whether newly diagnosed or pre-existing subject to 2 years waiting period

Why AfyaMed Cover?

1. Minimum exclusions
2. Wide scope of cover, including pre-existing, chronic & HIV/AIDs, maternity, cancer, congenital, dental, C- Section.
3. High Inpatient and Outpatient limits
4. Generous sub- limits
5. Flexible outpatient options
6. Members not subjected to medicals on joining
7. Extensive service provider network
8. Dependant children can be covered on their own, provided the parent proves that they are covered elsewhere eg by an employer and children are not included

How To File A Claim

Submit duly executed claim form which can be obtained from the insurer or downloaded from the website within 30 days from date of service. Also, ensure you attach the following documents;

1. The membership number of client and facility visited.
2. A detailed medical report if it was an inpatient case.
3. An original invoice and receipts of payment done and keep copies for your own record-keeping.
4. If it’s an inpatient claim an itemized hospital bill will be required.
5. For overseas claim, letter of approval is normally issued prior to the services and hence a copy of that letter should be attached.
6. For a last expense/funeral claim, a copy of burial permit/death notification form will be required.
7. Give reason for seeking reimbursement (since services can be authorized directly with provider without having to pay).
8. Provide Bank details.

Prescriptions

1. Prescriptions are fully covered under outpatient.

Emergency Cases

1. Call the emergency numbers provided on the membership card or sticker for rescue and evacuation.
2. If you were taken to the hospital by a Good Samaritan ensure you or your family members inform your insurer within 24 hours from the time the emergency occurred.

Getting a Pre-authorization for inpatient cases

1. After a physician orders for a medical service for a patient, they contact the insurer to determine if they require a prior authorization check to be run.
2. If so a process is initiated to obtain prior authorization.
3. The authorization varies from one insurance provider to another.
4. This will include completion of an authorization form.
5. If a service is rejected the physician can appeal based on the provider’s medical review process.

Admission procedures

1. Members present the membership smart card at the hospital’s admission desk for identification.
2. The hospital checks and confirms membership using the smart card & fingerprints.
3. Hospital notifies Britam medical personnel of the admission within (24 hours).
4. Treatment is rendered and upon discharge the bills are forwarded to Britam.

Guide to make when getting treatment-Outpatient treatment.

1. Walk to a provider with your medical cover card.
2. Present your membership smart card at the service provider’s (doctor, clinic or hospital) facility’s desk for identification.
3. Your membership will be checked and confirmed using your smartcard and fingerprints.
4. Complete and sign the claim form which will be made available at the service provider’s facility.
5. The attending physician/specialist must also complete and sign the claim form. A claim form must be completed for each episode of treatment and for each person.
6. All bills will be sent by the service provider directly to Britam.
7. An outpatient co-payment of Kshs 500.00 per visit will apply to the following hospitals and their affiliated clinics; Nairobi Hospitals, Karen Hospitals, Aga Khan Hospitals, Nairobi Women
8. Hospitals, Gertrude hospitals, Mater hospitals, M.P. Shah hospitals. An outpatient co-payment of Kshs 200.00 per visit will apply to all the other providers.

Patients Guide while seeking treatment

1. They will key you in the system and request for visit fee which varies from insurer to insurer and if again it’s applicable.
2. You will be requested to wait for your turn.
3. Once you are called you will go and see the specialist.
4. If there is lab tests to be done you will proceed to the laboratory.
5. After the results are out you will go for a review and prescriptions will be given.
6. Collect your prescription and proceed to the reception where you will be provided with a bill of all the stages you went through and the cost will be deducted from your card. Please always confirm the costing relates to prescriptions and procedures that you have gone through.
7. You are advised to always sign and request for a copy of the invoice at each given visit. 8. Collect your card back and leave the premise. 9. If for one reason or another you lose your medical card seeking emergency treatment call the emergency hotline to obtain pre authorisation from the service provider. There after request for a medical card replacement from your service provider.

Domestic package Insurance

Our Domestic package policy covers a private dwelling house or private flat and its contents, owners and tenants’ legal liability and domestic servants.

It provides cover for the following;

Section A-Buildings

• Under this section we cover loss of or damage to a private dwelling house or a private flat including domestic outbuildings, landlord’s fixtures and fittings, walls, gates and fences on the same premises caused by:
• Fire and natural causes such as earthquakes, storms and tempests, lightning, and floods;
• Human causes such as riots and strikes, malicious damage, and theft;
• Chemical related, that is exposure e.g of domestic gas cylinders and
• Miscellaneous causes, including bursting and overflowing of water tanks, apparatus, pipes, impact by road vehicles and animals not belonging to or under control of the insured or their agents.

Section B-Contents

• Under this section we cover loss of or damage to furniture, household goods and personal effects of every description the property of the insured or any member of his family normally residing with him and fixtures and fittings, which the insured’s owns or for which he is legally responsible not being landlord’s fixtures and fittings.

Section C-All risks

• Under this section we cover loss of or damage to property (portable items such as cameras, radios, jewellery, and sports kits) insured by any cause/peril not specifically excluded in the policy.
  This is a very wide cover and insures will often want the items listed with a value indicated for each.
• Whenever wherever you are we shall cover your All risks Items worldwide.

Section D-Workmen compensation

• Under this section we shall cover your employees for injuries or death or disease that arises out and in the course of employment.
• We shall cover your domestic servants like house-help, watchman, ground men, gardeners and drivers.

Section E-Owners’ liability

• Under this section we shall pay liabilities at law or compensate you in respect of;
  Accidental bodily injury (including illness) to any person other than a member of your family or household or a person in his service at the time of the occurrence giving rise to the injury.
• Accidental loss or damage to property Accidental loss or damage to property belonging to third parties and not those in your custody or of a member or your family or household or a person in your service.

Section F-Personal/occupier’s liability

• Under this section we shall compensate you against liability at law in respect of:
• Accidental bodily injury (including illness) to any person other than a member of your family or household or a person in your service at the time of the occurrence giving rise to the injury.
• Accidental loss or damage to property belonging to third parties and not those in your custody as the insured or of a member or your family or household or a person in his service.

Requirements

1. Duly completed and signed proposal form
2. Company certificate of registration
3. PIN certificate for the company
4. List, names and location of the items insured
5. Schedule of the contents and their values to be insured.
6. Serial numbers of the items insured.
7. For buildings the Location of the structure i.e Land Reference Number(LRNO)

Target Group

Our policy is ideal for:

1. Non-financed Individual home owners.
2. Financed/Mortgage customers.
3. Individuals leaving in rented premises to cover their contents of every description.
4. Individual owners of private flats.

Mortgage Insurance

Give yourself the assurance of a lasting investment. Our Mortgage protection policy is simply a life policy that pays off what is left of the mortgage when the life assured passes on.

1. Detailed Scope of cover:

• We will pay the outstanding mortgage loan in event of Natural and accidental death;
• We will pay the outstanding mortgage loan in event of PTD-Permanent total Disability (Accident & Illness); as a result of an accident and illness leading to loss of earning power
• We will provide a Critical Illness Benefit (30% subject to a maximum limit of Kes.8, 000,000); Rider, which provides payment of 30% loan balance subject to a maximum Limit of Kes.8,000,000 upon a member being diagnosed with any of the listed Dreaded Illnesses [i.e. Heart attack, Cancer, Stroke, Kidney failure, major Organ Transplant, Coronary Artery Bypass Surgery, & Paraplegia] within the Policy Period. Note that pre-existing conditions are not covered;
• For the employed you need not worry, we will provide an unemployment rider covering nine (9) months loan repayments installments following loss of employment due to organizational restructuring or winding-up of employer’s business;
• In addition we will provide the following Optional Life plus riders.

2. Cover option: Level Term.

3. Free Cover Limit=Kx.25, 000,000.

4. Premium Rates:

• Life Cover=Mortgage rates-16% interest tables;
• PTD (Accident & Illness) =Free;
• Critical Illness=Free;
• Unemployment=free; and
• Life plus=0.48%p.a.
• Age + term 70years, max 80years.

Documents required in the application of DP cover.

• Completed a Group Policy Proposal form.
• Copy of ID
• Copy of PIN certificate
• Payment of Premium.

You can count on us on Claims processing: But you will provide with the following to enable us proceed.

(i). For a death claim, we require the following:

• A claim notification letter from the Bank;
• The original death certificate;
• Original National ID and PIN; and
• Original statement of Account.
• A properly documented claim will be settled within five [5] working days from the date of receipt of duly executed discharge forms.

(ii). For Permanent & Total Disability Claims, an approved Doctor must confirm the irreversibility of member’s disability.

(iii).For Critical Illness Claims- Our appointed doctor report confirming the diagnosis of the dreaded disease.

(iv). For Unemployment Claims-Proof of loss of employment.

(v). For Last Expense claims- A burial permit or letter from doctor certifying death or Mortuary Acceptance Certificate. Our Last expense benefit is payable within 48 hours.

Benefits

• Our mortgage protection cover eliminates the Hassle of following the deceased’s estate to recover the outstanding loans by the Bank/financier.
• The Estate of the deceased persons is left intact hence creates financial stability for the family left behind.
• The Terms are negotiated for whole group mortgage scheme by HFIA and are hence very competitive rates.
• It includes a Mortgagee’s clause – Interest of the bank as a financier is noted hence all proceeds are payable directly to the bank to clear the outstanding loan. Your home revert to your deceased estate.

Target Group

This policy is ideal for:

• Financed/Mortgage customers

How To File A Claim

1. Copy of the death certificate/ medical report incase it’s a claim on disability
2. Copy of the burial permit
3. Loan application form
4. Loan appraisal form
5. Loan statement on bank stationary-On banks letter head.
6. Offer letter
7. Copy of the I/D
8. Police abstract if the death is as result of road traffic accident, Murder assault or sudden death( All documents must be duly certified)
9. Claim Reference no.

Keyman Insurance

Our Keyman Insurance is a Term Life Insurance cover affected by the company to compensate for the financial loss suffered following the death or permanent Total Disability of a Key Member or Staff of the Organization.

Purpose of Keyman Cover:

1. To provide a financial cushion to the company for:
2. The loss of customers or sales affected by the keyman’s ability and personality.
3. The loss of day-to-day specialized skills.
4. The cost of recruiting and training a suitable replacement.
5. Delay or cancellation of any business project that the keyman is working in.
6. The loss of opportunity to expand in the future.
7. The loss of stable management and good labour relations.
8. Reduction of credit worthiness – recall of loans guaranteed by the keyman.

Who can be a Keyman?

Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Keyman Insurance. For example, they could be:

• Directors of your Company
• Key Sales People in your company
• Key Project Managers in your company
• People with Specific Skills in your company

Benefits to the Company

1. Insulate the risk of financial loss against loss of a Keyman/Key person.
2. The Premiums paid under keyman insurance are fully allowed as Business Expenses.
3. The Interest on loans taken against a keyman insurance policy may also be allowed as business expenses.
4. The Keyman Insurance policy is a positive measure to improve the retention of the keyman in the company.

Target Group

Our keyman policy is ideal for:

1. Directors of a Company
2. Key Sales People
3. Key Project Managers
4. People with Specific Skills

Housing Finance Company Limited Contacts

Physical Location: Nairobi
Postal Address: 30088 – 00100
City: Nairobi
Country: Kenya
Telephone: +254-20-317474
Email: housing(at)housing.co.ke
Fax: +254-20-340299, 2214690, 2251804, 2250858, 2251804
Website: www.housing.co.ke