LABORIE BRANCH

758-459-6900

VIEUX FORT BRANCH

758-459-6925

CASTRIES BRANCH

758-459-6939

MY ACCOUNT

LABORIE BRANCH

758-459-6900

VIEUX FORT BRANCH

758-459-6925

CASTRIES BRANCH

758-459-6939

Construction Loans

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.

Other Requirements

  • 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 CreditUnion
  • 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 CreditUnion
  • Life insurance assigned to the CreditUnion