Unique Investors Property (UIP) has unveiled a mobile app that provides loan facilities to individuals interested in real estate, within two hours of applying.
The app, which targets the youth, is also looking at roping in individuals who have purchased land with the company’s sister firm, UIP Real Estate.
The company’s Chief Executive Officer Patrick Malika said the UIP Credit App mobile app has been designed to ensure the process of loan application and approval is fast, convenient and easy.
Malika said the mobile loan app will make it easier for young people to acquire property by removing the bottlenecks associated with land acquisition such as access to finance and the bureaucracy of buying land.
For UIP Real Estate clients, users can get loans using their title deeds as collateral at 40 percent of the value of the land bought with the company.
“The mobile app will save the individuals the agony of lengthy, bureaucratic procedures and requirements of conventional financial institutions for your borrowing needs,” said Malika.
The app lists all the properties that a customer has bought through UIP and gives the client the option of choosing which one to use as collateral.
The title deed number, phone number, and the identification number are uploaded and listed in the customer relationship management system which links to the app through intelligent processes automation.
The app system then calculates 40 percent of the price that one bought the land at as the maximum amount of money one can qualify to borrow.
“Upon confirmation, your loan is automatically approved. Disbursement is done immediately the borrower visits our offices, signs transfer documents and a land transfer consent and presents the original tittle deed for safe keeping as collateral to the loan facility. Once the loan is fully repaid, the title deed is given back to the customer,” he said.
Malika explained that the interest rates vary between two and six percent depending on the amount borrowed and duration of repayment which are all calculated by the system during application and the customer notified of the cost of the credit through an automatic message to make their final decision on whether to borrow or not.
“We encourage people to borrow to invest and not to consume so as to get revenue back so that you do not struggle repaying the loan. So far, we have been able to reach close to 5,000 Kenyans to acquire land in the last five years we have been in existence,” he said.
The CEO explained that for those who buy land with the company, they are only required to pay 20 percent to show their seriousness and given a whole year to pay the whole amount in installments after which they are issued with title deeds.