Have you found the perfect lot of land to build your dream home? Whether you plan to build your home right away or a few years from now, the Grenville Co-operative Credit Union is here to help you get started. The Credit Union of Grenville Land loan is a loan that can be used to finance the purchase of land or a lot property for your new home. .
To obtain a Land loan from the Grenville Credit Union you will need to have the following:
- 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.
- Residential – No less than 10%
- Non-residential – No less than 15%
- Mortgage and conveyance
- Life insurance coverage for loan above $54,000.00
No more than 15 years
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.