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

Features

  • Low, low interest rate of 7% per annum on the reducing balance.
  • Purchasing solar water heaters retrofitting homes to install LED lamps. Interest rate of 6% per annum on the reducing balance.
  • No processing fees. No hidden charges.

  • Up to 30 years to repay.
  • Borrow funds to build your dream home or to buy a home. 

  • 100% financing.  Get the amount you need.
  • Qualify for free loan protection coverage up to $150,000 at no cost to you.
  • We arrange affordable insurance to protect your home.

First-time homeowners receive income tax relief of up to EC $25,000 annually on mortgage interest payments.

  • 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.

Items needed:

  • A minimum of 5% of the total amount of the loan requested. (we can work with you to meet this requirement)
  • 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.
  • The Certificate of Title (or a copy) of the land on which you plan to build 
  • Your NCCU passbook(s) and photo identification like Social Security card.
  • 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!
If you are building a  home you'll also need:
  • Division of Planning approval.
  • Approved house plans.
  • Detailed cost estimates (estimates of quantities).
  • Certificate of Title or copy if land has already been purchased. 
If you are planning to purchase (i) a house or (ii) the land to build your home on; you’ll need the following:
  • Current Market Valuation of the Property.
  • Letter of intent to sell from the property owner or real estate agent.
  • Copy of seller’s Certificate of Title.
In addition to the items listed above, members overseas applying for a loan must provide:
  • Notarized income tax return forms for the past two  years.
  • A notarized letter of employment indicating employment status and salary.

For further details for applying from 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.
  • 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 appoved by the Physical Planning Division.
  • Have a quantities survetor 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. This is done at the member’s cost and can be added to the loan. The appraiser submits a report to the Credit Union confirming that the previous disbursement has been applied to the construction. 

Disbursements are usually made as follows:

  • Phase 1-not more than 30% of the cost of completing excavation, foundations, beams, posts, joist, sub-floor, backfill, framing, sheeting, roof, door and window frames.
  • Phase 2-not more than 25% of costs for completing brick and block work, siding, doors, window, rough electrical, rough plumbing
  • Phase 3-not more than 25% for the completion of lath and plaster, finished floor, finished electrical excluding fixtures, finished plumbing, finished carpentry, painting and landscape
  • Phase 4- 20% balance for final finishes

 

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.