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.

  • Vendor's letter (letter indicating intent to sell) if loan is to purchase vehicle
  • Valuation Report
  • Pro forma Invoice which must bear chassis and engine numbers.
  • Open Bill from an Insurance company to comprehensively insure the vehicle and assign to the Credit Union
  • You will be instructed to sign a Bill of Sale with a reputable lawyer. This gives the Credit Union authority to register a lien against your motor vehicle.
  • NB. The value of the security (motor vehicle) will be prorated as follows:

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. 

Shares

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

 

Savings in a Financial Institution.

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. 

 

Bonds

The face value will be discounted by 20%. (80% of the face value will be used.) 

 

Shares in other companies

Shares in public companies such as Bank of St. Lucia, LUCELEC, Sagicor, are acceptable with the relevant assignment.

 

Co-makers and Guarantors

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.

 

Insurance Policies

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.

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