Our Property/Equity Mortgage Loan may assist you in finally attaining the home of your dreams, whether it is building, buying and/or refurbishing. We offer up to 90% of the lower of the valuation or the purchase price of the property to be acquired. As well as attractive interest rates from as low as 5% on the reducing balance.
Equity Mortgage Loan
Our Equity Loan offers you the opportunity to access financing for any purpose such as home renovation, debt consolidation, travel and educational expenses.
Get a Equity Mortgage Loan with three easy steps
PSCU offers you the opportunity to access financing for any purpose such as home renovation, debt consolidation, travel and educational expenses.
Membership In The Credit Union
Existing members verify that your membership is up to date and current.
New members must ensure that your application has been approved.
Non-members must apply to be a member of the Credit Union. Complete the application form and submit the form along with all required documents to become a member
1
Gather Your Documents & Apply
Gather all required documents in the checklists below and submit your application.
2
Have Your Application Verified And Approved
Get verified and approved for your loan of your choice.
3
Application Checklist
A list of your application needs to get you started! Make sure you have these before you apply for your loan.
Supporting documents requirements:
- Evidence of Nationality
- Statement of Indebtedness for all existing loans
- Statements of Savings
- Title Deed or Lease and/ or Deed of Mortgage for the property to be mortgaged
- Agreement for Sale (where applicable)
- Valuation Report prepared by a Valuator approved by the Credit Union
- Builder’s Estimate and/ or Quantity Surveyor’s Report (where applicable)
- Completion Certificate (where applicable)
- Original up to date receipts for Land and Building Taxes, Lease Rent and WASA Clearance
- BIR Number
- Payment of Loan Processing Fee – 1.2% of the total amount borrowed
- Life/Term Insurance & Homeowner’s Insurance
- Legal Fees
Frequently asked questions
An equity mortgage, also known as a home equity loan, allows homeowners to borrow against the equity in their homes. Here’s how it works: As you make mortgage payments and your home’s value appreciates over time, the share of the home that you actually own (your equity) grows. By taking out a home equity loan, you convert that equity back into debt in exchange for cash. In simple terms, equity is the difference between what you owe on your mortgage and the current value of your property. So, it’s a way to tap into your home’s value without having to sell it. If you’ve been paying your mortgage for a few years, you might be wondering how much equity you’ve built up and how you can use it for other financial goals.
The amount you can borrow from an equity mortgage loan depends on several factors, including your home’s current value, the amount of equity you’ve built up, and the Credit Union’s policies.
Keep in mind that individual circumstances vary, so it’s essential to consult with our Credit Officers to determine the specific loan amount you qualify for.
- Ability to borrow a relatively large amount of cash.
- Fixed interest rates, resulting in consistent monthly payments.
- Flexible use of funds for various purposes
Become a member today!
PSCU’s membership offers the most affordable options to help you save, borrow, and manage your finances.