Home Mortgage Loans

Home Mortgage Loans

Mortgage Loans are granted for the following purposes:

  • Construction & repairs
  • Purchase of Land
  • Purchase of Property (house & land)

Home Mortgage Loan Criteria:

  • Applicant must be a member for six (6) months
  • 10% of the required amount in un-pledged shares
  • Interest on Home Mortgage Loans – 6.5% annually, – 0.54% on the reducing balance monthly
  • Maximum repayment period – twenty (20) years
  • Legal fees are to be paid by the Member

– Legal Advisors to Antilles Employees’ Credit Union: Daltons Attorneys-at-Law
– A Mortgage Bill of Sale will be held for all mortgaged properties.

  • Maximum repayment period – twenty (20) years.

Home Mortgage Required Documents:

  • Two (2) valid forms of Identification (National Identification Card, Driver’s Permit or Passport)
  • Recent Utility Bill showing current address – No older than 3 months
  • Evidence of income – Pay slip as per last paid AND recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
  • Copies of Land Titles (Freehold or Leasehold)
  • Current WASA receipt and WASA Clearance certificate
  • Sale Agreement Letter (where applicable)
  • Member’s BIR Number Advice
  • Up-to-date Land and Building Tax receipt (2009)
  • Comprehensive Estimates from builder/contractor
  • Comprehensive Home & Fire Insurance Quotation (to be maintained during the duration of the loan) – offered by CUNA Caribbean Advance Protector
  • Valuation Report from RICS certified valuator

All Mortgage Loans are subject to approval by the Credit Committee AND the Commissioner for Co-operatives.

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