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Mortgages

Building or buying a home is one of life's most exciting journeys.  It is also the single largest investment you may ever make. NCCU is committed to making the loan process simple and affordable.

And with our special Mortgage Blast  package, NCCU is putting a home and MORE within your reach.

To qualify for a loan, you must:

  • Be a NCCU member
  • Have a good credit rating
  • Be able to repay the loan
  • Have security    
  • Have more than one member share

Benefits & Features

  • Low interest rate of 6.5% per annum on the reducing balance
  • No processing fees. No hidden charges
Note:  "Green Loans" are available for purchasing solar panels and water heaters and installing LED lamps at a special  Interest rate of 6% per annum. 

  • Up to 30 years to repay

  • 100% Financing. Get the amount you need
  • Loan protection coverage up to $150,000  is provided at no direct cost to you
  • We arrange affordable insurance coverage to protect your home
  • First-time homeowners receive income tax relief of up to EC $25,000 annually on mortgage interest payments.
  • There is No waiting period if you need to apply for an additional amount or a small loan
  • Save for the future with our compulsory savings plan
  • There is No waiting period if you need to apply for an additional amount or a small loan

  • Loan is disbursed in stages on the recommendation of an appraiser who visits the building site. This ensures you are getting value for money spent. 

  • Legal matters are handled by our Legal Department. 
  • Through a standing order on salary, NCCU collects and then pays the annual premium on your homeowners insurance.

Requirements

Apply at ANY NCCU Branch for your Mortgage Loan.

General Items needed:

  • Resident Members: a minimum of 5% of the loan request in his/her Security Savings (we can work with you to meet this requirement).
  • Non-resident members: a minimum of 15% of the loan request in his/herSecurity 
  • Member Shares based on the amount of loan
  • Employed persons: Most recent pay-slip or salary statement from your employer.
  • Self-employed persons: recent financial statements of business.
  • Your NCCU passbook(s) and photo identification eg Social Security card, passport, driver's license
  • Details of your liabilities and commitments (loans, hire purchase, household expenses). 
  • If the approved loan is $77,000 and more or if you are 50 years and older, a medical examination by an approved medical doctor is necessary for loan protection coverage.
  • Member Shares/Loans click here!
For building construction, you will need: 
  • Copy of the Certificate of Title (or a copy) of the property upon which the building will be constructed. 
  • A valuation of the land by a licensed land surveyor or qualified appraiser. The valuation must  should have been prepared over the last five (5) years
  • Building plans and valid letter of approval from the Physical Planning Division
  • Detailed Bills of Quantities (cost estimates) prepared by a qualifed appraiser, acceptable to NCCU, no more than six (6) months before the date of the loan. 
For Purchasing a property, you will need: 
  • Letter from the owner or vendor stating intent to sell the property and the selling price.  
  • Copy of the registered Certificate of Title for the property to be purchased. 
  • A recent valuation of the property prepared by an appraiser,  acceptable to NCCU, no more than 12 months before the date of the loan application.
  • Current Market Valuation of the Property.
  • If the purchased property is to be improved, additional documentation is required.  
For further details and requirements for applying for a loan while residing  overseas click here!

Building Guide

Is your land surveyed and registered?

Are water, lights, and telephone services available?

Getting Ready to Build:

  • Meet with an NCCU loans Officer to find out how much you can afford to borrow.
  • Have some idea of the space, number and size of rooms, number of floors, future needs.
  • Contract to have your house plans drawn - an architect for a full service or a draughtsman for drawing services.
  • Have your plans approved by the Physical Planning Division.
  • Have a quantity surveyor extract Bills of Quantities (cost estimates).
  • Decide if you need a full or labour contract. Tender for a contractor. Ask for references and check them. Select a contractor.
  • Ensure the contract specifies the quality of materials to be used. 

Further Information

Mortgage Loan Disbursements:

A loan for building is disbursed in phases. Before each disbursement, an NCCU approved appraiser must complete a physical inspection of the site.   

Loan disbursements will be made in accordance with the following stages of construction where applicable:

  • Stage 1: Foundation to floor Slab/Walls to ring beams 
  • Stage 2: 2nd floor slab and wall to ring beams (applicable for split -level buildings) 
  • Sage 3: Ring Beams, Roof and rendering
  • Stage 4: Doors, Windows and fittings
  • Stage 5:   Finishes

If difficulty is experienced in reaching the required stage of construction for which funds have been disbursed, the member should contact NCCU immediately.

Material deviations from the approved plan will require further approval from NCCU and the Physical Planning Division.  

The member will be required to request four (4) inspections from the Physical Planning Division.

 

All loans are subject to NCCU’s Loan Policies and approval procedures

To find out details on what can be used as security click here.