Mortgage Loans

A mortgage loan is a loan in which property or real estate is used as collateral.  The borrower enters into an agreement with the Credit Union wherein the borrower receives a loan then makes payments over a set period of time until the loan is repaid in full. 

Loans to finance the purchase of land, house, or real property house construction or major house renovation falls within that category.

Terms and Conditions

• You must be a member for at least three (3) months.
• You must be gainfully employed and be able to provide evidence of employment such as job letter and latest salary slip.  If self-employed, you require evidence of income for the past six (6) months.
• You require the equivalent of 20% of the loan amount in withdrawable shares.
• Copy of vendor's deed of Sale and recent copy of Land Register.
• Approved Development Control Authority plan.
• If mortgage is held on property by another institution, we require a statement of amount owed from the institution.
• Valuation of land from a qualified quantity surveyor.
• Estimated cost of construction from contractor (bill of Quantities).
• Certificate of Compliance from the National Insurance Corporation and the Inland Revenue Department for income taxes and property taxes.
• Property insurance must be assigned to the Credit Union.
• Copy of picture identification of both parties.
• A Hypothecary Obligation or Instrument of Charge will be taken on property.
• Funds for legal fees.
• Interest on loans is calculated monthly on the reducing balance at a rate of 0.625% per month.
• The maximum repayment period is 25 years.