Residential Mortgage

Competitive rates and conveniently structured repayment terms.

These loans are for a maximum repayment period of 25 years and attract rates of interest as indicated in Schedule 2 – Mortgage Interest rates. A Loan fee of 1.5% of the amount requested and a commitment fee of 0.5% is applicable. Loans are insured and has a maximum coverage of $300,000.00

Loan Details:

• 10% of request on Shares
• Letter of offer to sell or purchase agreement
• Copy of title document / Deed of Conveyance / Lease
• Valuation of property by a valuator acceptable to Eastern Credit Union
• Up to date land and building tax receipts
• WASA clearance certificate
• Life Insurance Policy
• Home Owners Insurance Policy (to be submitted prior to disbursement).

Interest Rates

• Residential Mortgages will be provided for purchase or construction of a home.
• The interest rate for this loan is 0.56% per month on the reducing balance.

Required Documents:

• 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.

For Home Construction, ALL of the above requirements with the exception of the Agreement for sale/ purchase. The following documents are also required:

• Approved building plans (Town and Country)
• Detailed builder's estimate
• Building contract (if applicable)
• Quantity surveyor's report.

Approved Valuators: