Equity is the difference between the current market value of the property and the outstanding payment amount on the mortgage.
- This loan is for Members with an existing Mortgage at Eastern Credit Union, a paid off mortgage or a mortgage at another financial institution.
- This loan is applicable to both house & land owners.
- Members with Mortgages elsewhere must transfer their mortgage to Eastern Credit Union.
- Members with mortgages outside and transferring to Eastern Credit Union must provide ALL relevant documents for mortgages.
- Member must have 10% of request on unencumbered shares.
- Loan should not exceed 80% of the equity (the difference between the current market value of the property and the outstanding loan balance or the original payment amount for home).
- This loan will be for a maximum of 25 years or when a member has reached 60 years (the lesser of the two)
- Loan can be used for personal expenses- debt consolidation, home repairs, vehicle purchase, tertiary education, medical expenses and personal investment (equities, fixed deposits, Money Market)
- Loan period is for a minimum of 5 years.
- The loan period can be equal to the outstanding period for mortgage (e.g. If your current mortgage is for 15 years and 5 years has been paid, the home equity loan can be for a period of 10 years).
- Interest Rate of 0.75% per month on the reducing balance method.
- Member must provide current valuation of property from one of our approved valuators.
- Invoices and/or estimates must be provided.
- All other Lending Criteria apply.
- Agreement of sale / purchase
- 2 forms of identification per applicant
- Copy of mortgage, deed or title deed to the property / certificate or title
- Deed of lease (if leasehold land)
- Valuation report
- Bank statement reflecting credit and loan balances
- Credit Union statements reflecting shares, deposit and loan balances
- WASA clearance certificate
- Copies of up to date receipts of lease rental, Land and Building taxes and WASA rates.
Raymond & Pierre Limited
Emrond House, #111 Oxford Street, Port-of-Spain. Tel: 623-4945
Linden Scott & Associates Limited
#1 Anderson Terrace, Maraval, Tel: 622-1149
Prince & Associates
Aspri House, #3 Sydney Street, Port-of-Spain. Tel: 624-6866
G.A. Farrel & Associates
#23 Ariapita Avenue, Woodbrook. Tel: 624-8628/6629, 627-5670 or #84 Drayton Street, San Fernando, Tel: 657-7162/5630
TEA Building, Chartered Valuation Surveyor, Scarborough, Tobago. Tel: 639-2689