MORTGAGE & MORTGAGE BUNDLE
Building or buying a home is the dream of many people. It is also the largest investment you may ever make in your lifetime.
The Grand Bay Co-operative Credit Union is committed to turning your dream into a reality.
CONDITIONS:
- Have insurance coverage for the building and the policy assigned to GBCCU Ltd.
- Loan installments to include Insurance Premium.
- Disbursement will be made only after a progress report by a qualified valuator approved by the Society is received and evaluated.
- All the fees and expenses in connection with the said loan will be paid by the borrower.
FEATURES:
- 6.5% interest rate per annum charged on the reducing balance of the mortgage.
- Borrow up to $500,000.
- Repayment period up to 30 years.
REQUIREMENTS:
- Proof of ownership of land (Certificate of Title).
- Valuation of Property.
- Approved plan from Housing Division.
- 5% of the loan amount on savings.
- Minimum of twelve (12) shares ($600.00).
- Two (2) recent salary slips/Income Statements.
- Proof of employment.
- Detailed estimates – bills of quantity.
- Credit reports from other Financial institutions.
- Copy of Construction Contract.
- Building Insurance (can be added to the loan).
VEHICLE LOAN
Have you seen the car you want but don’t think you can afford it? Are you tired of standing hopelessly at the bus stop waiting to get to your destination? Need to repair your vehicle after an accident? With our vehicle loan, we can help you get the vehicle that you need to regain your independence. Let us help you repair your vehicle to get you back on your wheels.
CONDITIONS:
- The vehicle must be insured with full comprehensive coverage.
- The Insurance Policy must be assigned to GBCCU Ltd.
FEATURES:
- 7% interest rate per annum charged on the reducing balance of the loan for new vehicles.
- 9% interest rate per annum charged on the reducing balance of the loan for used vehicles.
- Repayment period is 3-9 years.
REQUIREMENTS:
- Income Statement/Salary slip.
- Proof of employment (job letter).
- Two (2) forms of valid government-issued identification.
- 20% of the loan amount on savings.
- Bill of Sale on vehicles if model is 10 yrs or less.
- Certificate of Title if model is older than 10 yrs.
- Credit Reports from other financial institutions.
- Letter of intent to sell from owner of vehicle and proof of ownership of vehicle.
- Purchase invoice/quote for vehicle if being ordered or purchased from a local company.
- Details of customs clearance duties if vehicle is being ordered.
- Valuation of property if using Certificate of Title.
- Mechanical Report of vehicle.
- Verify whether any outstanding license fee is due on the vehicle if being purchased from an individual.
PRASH LOAN
The PRASH Loan is offered to fund projects or purchases (local or imported) that support resilient and sustainable lifestyles and ventures of our existing and new members. This loan targets members of “green” eco-friendly and resilient products/methods providing low cost and easy financing, which will benefit our members through reduced utilities and other normal expenses.
These projects and purchases include but is not limited to;
CONDITIONS:
- The loan will be done only on the condition of SALARY DEDUCTION payments.
REQUIREMENTS FOR EXISTING MEMBERS:
- Proof of employment (Job letter).
- Two forms of valid government-issued identification.
- Two (2) salary slips.
- Invoice or contract .
- 20% of loan amount on savings account.
REQUIREMENTS FOR NEW MEMBERS:
- Proof of employment (Job letter).
- Two forms of valid government-issued identification.
- Two (2) salary slips.
- Credit reports.
- Invoice or contract .
- 20% of loan amount on savings account.
FEATURES:
- Borrow up to $50,000.
- 7% fixed interest rate charged on the reducing balance of the loan.
- Up to ten(10) years repayment period.
LAND PURCHASE LOAN
Ready to build your dream home but don’t have the land yet? Have you seen the ideal piece of land to fulfill your wishes but just can’t afford it? At GBCCU, we offer land purchase loans to help you achieve your dreams. Also ask about our Mortgage Bundle if you need a financial jump to build your dream home.
REQUIREMENTS:
- Recent Valuation of Property.
- Two (2) recent salary slips/Income Statements.
- Proof of employment.
- Two forms of valid government issued identification.
- 10% of loan amount on savings.
- Credit reports from other Financial Institution.
- Copy of existing Certificate of Title for the property.
- Letter of intent to sell from owner of property and proof of ownership of property.
- Letter from lawyer stating transfer, legal and caveat fees.
FEATURES:
- 9% interest rate per annum charged on the reducing balance of the loan.
- Repayment period up to 15 years.
LOAN CALCULATOR
Feel free to use our Equipment Finance Calculator
**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
| Period | Payment | Interest | Balance |
|---|
Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary based on GBCCU current rates. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, or agreement. It does not take into account your personal or financial circumstances.
