Mortgage Loans

 Mortgage Loans

At the SVG Teachers Co-operative Credit Union, offers several Mortgage Loans. You can acquire finance for Land Purchase, Land & Property Purchase, Construction and Renovation.

Residential Mortgage Loan Requirements:

• Applicant(s) must have at least 10% of the sum of the amount requested in their Share Deposit and or Deposit 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 (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 Requirements:

• Applicant(s) must have at least $10,000 or 10% of the amount request for in the loan in their Share Deposit and Deposits Accounts (whichever is greater).
• A valuation report done by one of our accepted valuators.
• An approved survey plan.
• The title deed for the property to be mortgaged.
• Sales agreement.
• Proof of income – This includes a job letter and your most recent salary slip.
• Proof of address – This includes a utility bill.
• A life insurance policy.

Construction & Renovation Requirements:

• An approved estimate from the contractor.
• Title Deed.
• Approved Plan.
• House Insurance.

Land & Property Purchase Requirements:

• Valuation.
• Deed of Conveyance.
• Estimated Development Plan.
• Land Plan.
• An estimate of renovation cost.