Latest Loan Rates

Get more out of your money with our fantastic loan rates.

LOAN TYPE INTEREST RATE (Reducing Balance)
New Vehicle 0.49%-0.6%
Character 1%
RORO/Used Vehicle 1%
1ST Mortgage 0.5%
2ND Mortgage 0.58%
Fully-secured 0.75%

All rates are subject to change without notice.

Mortgage Loans

A Mortgage loan, also referred as a mortgage, is used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front.

Over a period of  years, the borrower repays the loan, plus interest, until he/she eventually owns the property.

Interest Rate*

First Mortgage

0.5%

Second Mortgage or Fully Secured

0.58%

* All Interest rates calculated on reducing balance. All rates are subject to change without notice.

Repayment Period

Land Security

15 years

Purchase and construction

25 years

Loan Ceiling

Like all TECU loans, there is no limit on the amount being requested.

Loan Requirements

  • Two forms of ID
  • Evidence of Income (Payslip / Job Letter / Bank Statements)
  • 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

Loan protection

TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:

AGE COVERAGE
1-75 years $150,000.00
76-80 years $75,000.00
81-85 years $37,500.00
86 years and over $0.00

Call us today for up-to-date rates. Ask for a Loans Officer, who will be more than willing to assist you.

Ready to apply?

Apply for a loan online and get a response within 60 minutes (applicable during working hours).
Apply online

Make an appointment with a Lending Specialist.
Make an appointment

How much can I borrow?

With our borrowing power calculator, you can estimate how much you can borrow and what your repayments would be.

First Mortgage Loan Calculator
Second Mortgage Loan CalculatorNote: Mobile and tablet users may experience minor usability issues with the calculators.

Helpful hints in securing a loan

Build your borrowing capacity

TECU Credit Union partners with you to make achieving all of life’s goals a reality. Our character and other loans are assessed based on your ability to service a loan in addition to the following credit worthy aspects:

  • Present shareholding and frequency of contribution towards shares
  • Assets such as property, vehicles, savings at other financial institutions and Liabilities i.e. other loans/ debts
  • Employment status and history
  • Your Shareholding and share buildup within the credit union
  • Your Share to Loan Ratio, which is your total shares divided by the total loans that are currently outstanding (Shares/Loans)
  • Your existing loan balance and your indebtedness
  • Savings, Borrowing and Repayment History within the credit union
  • The primary purpose of the loan
  • Your age, current salary, employment status and duration of membership
  • The availability of adequate and marketable security and other assets