
LAND LOANS
To obtain a Land loan from the Grenville Credit Union you will need to have the following:
Documents
- Photo copy of land documents (Deed & Plan) for research by credit union’s lawyer.
- Photo copy of the registered Certificate of Title where a first Title already exits.
- Sale agreement / letter of intent to sell.
- Professional valuation, preferably by credit union’s approved assessor.
Deposit
- Residential – No less than 10{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}
- Non-residential – No less than 15{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}
Security/Collateral
- Mortgage and conveyance
- Life insurance coverage for loan above $54,000.00
Amortization
No more than 15 years
General Criteria
Valid Photo Identification Documents such as Passport and National Insurance Card along with proof of residence and citizen ship in the case of Non-citizens. A Job letter and recent pay slip dated no more than 6 months, Statement of all existing debts/loans and savings/investments accounts, including credit cards. Site visits to verify location of land and construction process.
The Board approval must be sort when considering other forms of collateral and where Board decision made on other conditions, interest rate shall be adjusted accordingly.