Home Equity Loan

Let the Portland Co-op Credit Union make your land title work for you. You can use the equity in your home or land to obtain loan:

  • to consolidate existing debts
  • for home improvement
  • to purchase motor vehicle
  • to cover educational expenses
  • for business ventures  etc.

How to Qualify

  • Be a member of the Portland Co-op Credit Union
  • Save regularly for at least 4-6 months
  • Be gainfully employed, earning enough to comfortably afford the loan repayment

Documents Required

  • Registered Land Title (photocopy can be submitted for initial processing)
  • Valuation Report
  • Surveyor’s Report
  • Quotation from insurance company for property coverage (if property contains a building structure)
  • 2 passport size photographs signed by a Justice of Peace
  • TRN
  • Valid Identification
  • 10%-20% cash requirement saved in shares
  • Verification of salary (last three salary slips)
  • Letter of employment
  • Letter of authorization from parties on the title (if jointly owned submit parties ID & TRN)
  • pictures of property signed by the valuator
  • Mortgage Fee and processing fee applicable
  • Any  other relevant information requested

Important things you should know

  • The Credit Union accepts first and second mortgages
  • The Credit union offers flexible interest rates
  • There is no ceiling for home equity loans (applicable in keeping with the Credit Union policy)
  • There are no penalty for early repayment
  • Loan is renewable at anytime