Mortgage Loans

Young couple moving into their new home financed by a TECU Mortgage Loan

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*


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

Repayment Period

up to 30 years

Loan Ceiling

There is no limit on the amount to be requested.

Loan Requirements

  • 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 5%-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:

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 Mortgage Loan online.

Make an appointment with a Lending Specialist.

How much can I borrow?

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

Note: Mobile and tablet users may experience minor

usability issues with the calculators.

Helpful hints in securing a loan

Young couple looking at the outside of their dream home financed by a TECU Mortgage 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
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