Our Property Mortgage may assist you in acquiring one of the most valuable assets…land. We offer up to 90% of the lower of the valuation or the purchase price of the property to be acquired.
Get a Property Mortgage Loan with three easy steps
Here are the steps to secure your “Welcome Home” Mortgage Financing, up to 3,000,000 TTD Land only or land and building
Membership In The Credit Union
Existing members ensure your account is up to date & current.
New members ensure your application is approved.
Non-members – apply for membership. Submit the completed application form along with all required documents.
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
Requirements for Property Purchase
- Two (2) year’s comparable bank statements.
- Income & expenditure report with balance sheet for the last two years.
- Copy of business registration to verify ownership.
- Copy of Tax returns for the last two (2) years.
- If applicable, evidence of NIS number.
- Evidence of Nationality.
- Recent Utility Bill (verification of address).
- Evidence of employment and income (Job letter not more than 6
months) - Evidence of Income for Self-Employed Individuals:
- Statement of savings and indebtedness.
- Evidence of Board of Inland Revenue (BIR) number.
- Agreement for sale.
- Valuation Report, prepared by a valuator approved by the
Credit Union. - Title deed (for freehold properties.)
- Deed of Lease (for leasehold properties.)
- For Leasehold properties an unexpired term of 99 years should
remain on the lease. - Cadastral sheet to be attached to deed documents.
- Original up-to-date receipts for WASA, Land & Building Taxes,
- Lease rent (if applicable.)
- WASA Clearance Certificate.
- Completion Certificate from Regional Corporation (Where
property is less than four years old.) - Term/Life Insurance
- House Insurance that may cover fire, theft etc.
Property Purchase with Repairs and Renovations Checklist:
- Documents as listed for property purchase
- Approved building plans (if applicable I.e. In instances of complete demolition of the existing structure to rebuild new structure)
- Builder estimate signed by the builder
- Two (2) referrals from past customers of the builder
- Quantity Surveyor’s Report where the construction exceeds $500,000
- Completion Certificate from the Regional Corporation on completion of the work (if applicable)
- Updated valuation to provide projected value on completion of repairs/renovations.
Frequently asked questions
Yes, the interest rate on our mortgage is fixed.
Yes, members can do a pre-assessment to know how much financing they can qualify for before purchasing a property.
The mortgage is done on one person, with the other individual being a cosigner. Eligible persons who can apply for a joint/ cosigned mortgage are parents & child or legally married persons.
Become a member today!
PSCU’s membership offers the most affordable options to help you save, borrow, and manage your finances.