Bridging finance during the period of construction is charged at a rate of 1,25% per month on the outstanding balance. The construction period will be for a period of six (6) months at the end of which a Completed Certificate must be submitted for the long-term mortgage to be put in place.
Mortgage Loans are for a maximum period of 25 years with interest charged at 0.75% per month on the outstanding balance.
- Approved Building Plans
- Detailed Builders Estimate
- Quality Surveyor's Report
- Valuation of the land being built on by a valuator acceptable to Eastern Credit Union
- A projected valuation on the value of the property after completion
- Copy of title document / Deed of Conveyance / lease
- Up to date land and building tax receipts
- WASA clearance Certificate
- Life Insurance Policy
- Construction All Risk Coverage Insurance Policy
- Home Owners Insurance Policy (after completion).