Service

Mortgages

svgtccu


At SVGTCCU we offer mortgage loans for the purchase of land, or house construction and renovation.

The Committee may approve loans of up to EC$4500,000. Any amount in excess of this sum, must be forwarded to the Board of Directors for final approval and/or advice.

 

Applicants must meet certain criteria when applying for residential and land purchase loans:

 

RESIDENTIAL MORTGAGES

 

*N.B: These conditions listed are for loans up to a maximum of EC$450,000.00

  • Applicant(s) must have at least 10% of the sum of the amount requested Shares and Deposits accounts.
  • An estimate from the contractor or builder
  • An approved/certified house plan
  • A valuation report done by one of our accepted valuators. 
  • Proof of income - This includes a job letter and/or your most recent salary slip.
  • Proof of address - This includes a utility bill.
  • An approved survey plan.
  • An insurance policy on the house
  • The title deed for the property to be mortgaged
  • A life insurance policy.

 

LAND PURCHASE

  1. Applicant(s) must have at least 10% of the amount request for in the loan in their Shares and Deposits accounts.
  2. A valuation report done by one of our accepted valuators. 
  3. An approved survey plan.
  4. The title deed for the property to be mortgaged
  5. Sales agreement
  6. Proof of income - This includes a job letter and you most recent salary slip
  7. Proof of address - This includes a utility bill.
  8. A life insurance policy.

*N.B: All valuations done and presented must be carried out by one of our approved valuators. Any valuations done by other entities or personnel will not be accepted.

 

CONSTRUCTION & RENOVATION

Applicants must provide :

  1. An approved estimate from the contractor
  2. Title Deed
  3. Approved Plan
  4. Insurance on house

PURCHASE OF LAND & PROPERTY

Applicants must provide 

  1. Valuation
  2. Deed of Conveyance
  3. Estimated Development Plan
  4. Land Plan
  5. Estimate of renovation cost

 

N.B:  Loans are issued for land purchase or house construction and renovation. The Committee may approve loans up to $80,000. Any amount in excess of this sum must be forwarded to the Board of Directors for final approval.

Applicants for loans must satisfy the following conditions:

  1. Up to $45,000
    • must be a member for at least six (6) months and in good standing
    • must have savings in the shares and deposit of not lessthan20% of the loan requested.
  2. $45,001 and above
    • Must be a member for at least twenty four (24) months and in good standing
    • Must have a minimum of $10,000 in share capital and deposit for 10% of the loan requested, whichever is greater.

 

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 Click to download application form

 

 Call (784)457-2947 or visit our nearest branch today for more details.

Email:info@tccusvg.com