This refers to house and land or land only that is not yet mortgaged to another institution.
Member must provide the following documents:
If loan is approved, member will be asked to:
Have the Society place a lien on the property through a Hypothecary Obligation (Mortgage).
Pay insurance on property and assign to Society.
Note: 80% of the face value of the property will be used.
Age of the Vehicle % of Value Repayment Period
New Vehicle 95% 7-8 years
1-4 years 65% 5-6 years
5-6 years 55% 3-4 years
The Society will accept a Bill of Sale on household items that are uniquely identifiable by a serial number.Acceptable items include but are not limited to refrigerators, stoves, televisions, washing machines and sewing machines that are not more than three (3) years old. All items over one year old must be revalued. All items must be insured. The Society reserves the right to visit member to view items.
Members may use their existing shares, or increase the amount to satisfy loan requirement. Members who make lump sum lodgments to shares may be required to wait for four (4) to six (6) weeks before a loan can be considered
A member can give another financial institution instructions to assign all or part of their savings to the Society. This order is irrevocable unless written notice is given by the Society.
The face value will be discounted by 20%. (80% of the face value will be used.)
Shares in public companies such as Bank of St. Lucia, LUCELEC, Sagicor, are acceptable with the relevant assignment.
For loans not exceeding $20,000, a combination of no more than two co-makers and up to two guarantors may be used. Co-makers must sign loan form in the presence of Credit Union personnel.
Submit Insurance Policy along with a current status letter from your Insurance Company.
The cash surrender value and not the face value of the policy is used.
If policy belongs to a third party, a letter is required giving authorization to use policy. NB. The policy remains with the Credit Union until the loan is repaid or otherwise secured.