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HOME EQUITY LOAN REQUIREMENTS

Use the equity within an existing property to secure a loan.

Maximum Loan Amount: a $17,000,000.00

Repayment Period: a 15 Years

Equity: a? 10% of loan amount in share equity account

(Equity can be deducted from loan amount)

Loan Purpose: a Home Improvement

Purchase Another Property

Purchase Solar Energy

Consolidate Loans

Start a Business

Unlimited

Monthly Payment: a $191,650.00

Requirements

  • Minimum 3 months membership
  • Proof of Loan purpose an Invoice, Statements, Sale Agreement etc.
  • Last two months pay slips
  • ID
  • Job Letter (For Civilian members)
  • Valuation Report (Not exceeding 2 years)
  • Surveyors ID Report
  • Original Certificate of Land Title
  • Property Tax Certificate (Payment of property tax receipt)
  • Status Letter from 1staMortgagee

Loan Insurance

  • Copy Birth Paper or Passport (For Loan Insurance)

OR

  • Assignment of existing insurance (must have creditor life clause)

Other Conditions

  • 90% of the property’s forced sale value can be used as security.
  • If the property is not owned by the member or is jointly owned, an authorization letter along with ID of the owner/joint owner giving permission to use property as security. The authorization letter must be stamped and signed by a JP.

Unsecured Booster Loan Repayment Schedule

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