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