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.