Christmas Loans For A Merry Christmas
Credit Union Day Lecture
This refers to house and land or land only that is not yet mortgaged to another institution.
Member must provide the following documents:
- Deed of Sale or Donation if land already belongs to member.
- Letter of consent from titleholder if land belongs to third party.
- Letter of intent to sell from vendor if loan is to purchase property.
- Recent valuation of property (not more that 2 years old)
- Tax clearance letters (property and income tax)
- Clearance letter from NIC.
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.