Grenville Co-operative Credit Union Grenada
Grenada Credit Union
Jubilee Street Grenville, ,

Jubilee Street

Grenville, St. Andrew

Email Us

info@grencu.org

Opening Hours

8:00 am - 4:00 pm

MORTGAGE LOANS

Whether you’re living here at home and is permanently employed, overseas in the diaspora, or self-employed and is contemplating buying, building, or remodeling your home. The Grenville Co-operative Credit Union is the right place to start. The Credit Union of Grenville offers mortgage loans for members who are interested in building their dream home, purchasing an existing home or remolding their homes to meet the changing demands of their family. We are here to guide you in making the most prudent decisions.

To obtain a mortgage loan from the Credit Union of Grenville you need to have the following:

Documents

  • Photocopy of land documents (Deed & Plan) to verify land ownership
  • Approved building plan
  • Professional valuation, preferably by credit union’s approved assessor
  • Draft contract from builder

Deposits

  • Residential property constructed of Wall 15%. Constructed of wood – 40%.
  • Non-residential and Self-employed persons-20%
  • Security
  • Legal mortgage
  • Property insurance assignment
  • Life Insurance coverage for loan above $54,000.00
  • Amortization
  • Maximum, 30 years and must be repaid before the age of 64

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.