Putting a Home within Reach!
Builiding or buying a home is one of life's most exciting journeys. It is also the single largest investment you may ever make. RCCU is committed to making the processing of your loan simple and affordable. We are standing by to turn your dream into reality.
To qualify for a loan, you must:
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Be a RCCU member.
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Be of responsible character.
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Have a good credit rating.
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Be able to repay the loan.
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Have security.
- Low, low interest rate of 7% per annum on the reducing balance.
- No processing fees. No hidden charges.
- Up to 30 years to repay.
- Borrow funds to build your dream home or to buy a home.
- 100% financing. Get the amount you need.
- qualify for free loan protection coverage up to $150,000 at no cost to you.
- we arrange affordable insurance to protect your home.
First-time homeowners receive income tax relief of up to EC $15,000 annually on mortgage interest payments.
- Legal matters are handled by our Legal Department.
- Through a standing order on salary, RCCU collects and then pays the annual premium on your homeowners insurance.
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. (we can work with you to meet this requirement)
- 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 photo identification like Social Security card.
- 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 insurance coverage.
If you are building a home you'll also need:
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Division of Planning approval.
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Approved house plans.
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Detailed cost estimates (estimates of quantities).
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Certificate of Title or copy if land has already been purchased.
If you are planning to purchase (i) a house or (ii) the land to build your home on; you’ll need the following:
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Current Market Valuation of the Property.
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Letter of intent to sell from the property owner or real estate agent.
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Copy of seller’s Certificate of Title.
In addition to the items listed above, members overseas applying for a loan must provide:
For further details for applying from overseas click here.
Mortgage Loan Disbursements:
A Loan for building is disbursed in phases. Before each disbursement, an RCCU approved appraiser must complete a physical inspection of the site. This is done at the member’s cost and can be added to the loan. The appraiser submits a report to the Credit Union confirming that the previous disbursement has been applied to the construction.
Disbursements are usually made as follows:
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Phase 1-not more than 30% of the cost of completing excavation, foundations, beams, posts, joist, sub-floor, backfill, framing, sheeting, roof, door and window frames.
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Phase 2-not more than 25% of costs for completing brick and block work, siding, doors, window, rough electrical, rough plumbing
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Phase 3-not more than 25% for the completion of lath and plaster, finished floor, finished electrical excluding fixtures, finished plumbing, finished carpentry, painting and landscape
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Phase 4- 20% balance for final finishes
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Loans 