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Save Money

• Low interest rate of 6.5% per annum on the reducing balance
• No processing fees. No hidden charges

Flexible

• Up to 30 years to repay

Peace of Mind

• 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

Safe

Convenience

• 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.

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Apply at ANY NCCU Branch for your Mortgage Loan.

General Items needed:

• Resident Members: a minimum of 5% of the loan request in savings or deposits  (we can work with you to meet this requirement).
• Non-resident members: a minimum of 15% of the loan request in savings or deposits
• 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.

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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.

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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)
• Stage 3: Ring Beams, Roof and rendering
• Stage 4: Doors, Windows and fittings
• Stage 5:   Finishes

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Other loans

• Character Loans
• Productive Business Loans
• Education Loans
• Vehicle Loans
• Medical Loans
• Domestic Loans
• Land Loans
• Debt Consolidation Loans
• Special Agricultural Loan
• Pay Day Loans
• Overseas Members
• Cash Secured Loans
• Vacation Travel Loans
• Home Repair Loans