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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*
0.5%
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:
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 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

Build your borrowing capacity
- 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