Generally, the approval procedure will be similar to that of house and land loans and will include:
• All costs in connection with construction loans (appraisals, legal fees, registrations, etc.) are to be
borne by the borrower.
• The property under construction has “work in progress” insurance coverage against natural disasters.
• Letter from employer stating length of service
• Salary slips (latest)
• Required share deposit
• If self employed - evidence of income
• Appoint someone as Attorney (where necessary)
• Funds for legal fees
• Credit Statement from bank or borrower
• Certificate of independent legal advice from surety
• Vendor’s letter stating price and willingness to sell
• Copy of Vendor’s Deed of Sale
• Copy of Land register (recent)
• Approved plan from DCA
• Copy of appraised value of the property done by an approved valuer and addressed to the Credit
• Contractor’s estimated cost of construction
• Evidence of status of both vendor and purchaser at Income Tax Dept.
• Evidence of status of both Vendor and purchaser at NIC
• Property insurance assigned to the Credit Union
• Life insurance assigned to the Credit Union