Benefits

Save Money!!!

• Low, low interest rate of 11% per annum on the reducing balance.
• No processing fees. No hidden charges. 

Peace of Mind

• Loan protection insurance up to $150,000 at no cost to you. 
• 100% financing. You can get the amount needed.

Flexible

• Up to five 15 years to repay.
• Repayment can be extended to 22.5 years when you apply for a loan to build or buy a home.

Convenience

• Legal matters are promptly dealt with by our Legal Department.

And when you are ready to build your dream home, the balance of your residential land loan will be rolled into your mortgage to give you one monthly affordable payment for both house and land.

Requirements

To apply call (255-2128) for an appointment with a Loans Officer or come in to our Loans Department and talk to our caring and helpful staff.

Items needed:

• A minimum  of 5% of the total amount of the loan requested.
• A letter of intent to sell from the owner or real estate agent.
• Current market valuation of property.
• Plan of the land.
• Copy of vendor’s Certificate of Title. 
• Employed persons--most recent pay-slip or salary statement from your employer.
• Self-employed persons -- recent financial statements of business. 
• Your RCCU passbook(s) and a valid photo identification (eg. Social Security card or passport or driver's licence).
• Details of your liabilities and commitments (other loans, hire purchase, household expenses) for the application.
• If the approved loan is $77,000 and upwards or you are 50 years and older, a medical examination by an approved medical doctor is necessary for loan protection insurance coverage.