This account is designed to provide mortgage facilities to members of cooperative societies/groups even if subject of finance is not real estate. Opening deposit and monthly contribution for both savings and mortgage account are dependent on the customers income and loan requirement.
 
 Key features and benefits
•Interest rate on savings account  4%per annum
•Interest rate on mortgage account Prevailing rates (presently 19%)
•Repayment period Tied to customer/co-operative income
•Minimum savings period before granting of loan 6months
•Total equity contribution expected from customer 20% of loan requirement
•Maximum loan amount Determined by customer/co-operative approved liability limit
•Security Financed property and/or co-operative guarantee
 
Added value
•Earn interest on your savings deposit
•Structured repayment plan to match customers budget
•Professional advice and support from Springmortgage
•Accepts lodgment of cheque/dividend warrants