The following conditions will apply:
- The applicant shall be a member of the Credit Union for at least one (1) year
- The member shall have at least 20% of the amount required in unpledged shares before a first mortgage loan can be granted or 30% for a second mortgage loan
- The maximum loan granted to firs time mortgage applicants are One Million, Five Hundred Thousand Dollars ($1,500,000.00), In the case of Second time mortgage applicants a maximum of Five Hundred Thousand Dollars ($500,000.00).
- All mortgages are required to be covered by Insurance
- Repayment period for mortgage (Property) should not exceed Twenty-Five years (25yrs).
- BIR number
- 1st Mortgage – 25 years
- 2nd Mortgage – 15 years
*All interest rates are calculated as one percent (1%) on the reducing balance.
*Further information may be required by Management depending on the particulars of each loan.