Purchase of House & Land or, Land only, Construction or, Home Repairs/Renovations and property to be held as security for loan applied for. Reduced Rate – 0.5% Effective June 1, 2013
All loans are subject to normal lending criteria:
- Completed loan application form
- Recent job letter & payslip
- Two (2) Personal References (1 family & 1 close friend)
- Two (2) forms of ID and recent utility bill or bank statement
- Copy of Deed & Cadastral Sheet
- Land & Building tax receipt (current year)
- WASA clearance certificate
- Town & Country ‘Final’ approval where applicable (land must be freehold)
- Agreement of sale
- Valuation report by approved valuators
- Ray Pierre – 624-7015
- Raymond & Pierre Limited – 623-4945 or 653-2847
- Any other approved Valuator
- Builders estimate (where applicable)
- Approved plans (where applicable)
- Statement of Savings & Indebtedness from financial institutions
- Required shares 10% (unencumbered) where applicable or, Loan for up to 85% value of the property, or 90% financing of purchase price – Limit subject to Board Of Directors approval
- Repayment period maximum 20 years
- Debt service ratio – not more than 45%
- Interest rate is 0.5% on the reducing balance per month subject to review every 3 years
- Note: House Insurance to be taken out based on valuators recommendation and be assigned to AMGECU (where applicable) and Life Insurance (optional)
Fees applicable:
- Pay valuators for valuation
- Loan processing fee 0.5% of Loan approved (included in loan applied for)
- Search fees, lawyer fees etc.
Attorneys:
- D Hewitt & Company – 625-5016
- Girwar & Deonarine – 652-3461 or 624-5121
