Over a period of years, the borrower repays the loan, plus interest, until he/she eventually owns the property.
Second Mortgage or Fully Secured
* All Interest rates calculated on reducing balance. All rates are subject to change without notice.
Purchase and construction
Like all TECU loans, there is no limit on the amount being requested.
- Two forms of valid ID
- Evidence of Income (Payslip- not older than 1 month and Job Letter / Bank Statements- not older than 3 months)
- Shareholding 10%
- Title Deed of Property to be Mortgaged
- Sale Agreement (where applicable)
- Itemized estimate from Hardware or contractor (Quantity Surveyor’s Report required for construction)
- Valuation report from TECU’s valuators or other reputable valuator by TECU
- Current WASA receipt and WASA Clearance certificate
- Land and Building Tax receipt (2009)
- Statutory Approval from Town and Country Planning
- Comprehensive Fire Insurance on buildings must be maintained during the duration of the loan
- Advice of Assignment of BIR File Number
- Approved House plans