Mortgage loans can be established on the "house and land" unit, or on land alone.
The Credit Union will finance up to 80% of the value of the property.
The maximum repayment period of such loans will be no more than 20 years.
The member must also have appropriate life insurance which must be assigned to the Credit Union.
Requirements for such loans:
• An estimate of current market value of the property should be obtained through a recognized
appraiser who will evaluate the property on a mortgage purpose basis. The cost of the appraisal is to be
borne by the applicant. The appraisal must be addressed to the Credit Union.
• All legal and registration fees are to be paid by the borrower.
• A copy of the current tax and social security compliance certificate is to be obtained prior to
disbursement and any taxes and social security owing must be cleared prior to disbursement.
• Where necessary, the status of the owners as joint tenants or tenants in common, is to be
• The property must be insured against fire and other natural disasters and it remain intact over the life
of the loan. The policy must state that loss is payable firstly to the Credit Union.
• When the loan is repaid, it is the member’s responsibility to have a discharge of mortgage prepared
and all costs in connection therewith are to be borne by the member.
• 10% Cash deposit
• Interest charged on the reducing balance