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Residential Mortgage Loan

Your Home, Your Haven.

Eastern Credit Union: Your Path to Homeownership

Embark on the exciting journey of homeownership with Eastern Credit Union’s Residential Mortgage Loan. We understand that buying or building your home is more than a financial decision – it’s a step towards realizing your dreams. That’s why we offer residential mortgages with competitive rates and flexible terms, designed to make the path to homeownership both achievable and enjoyable. Whether you’re purchasing your first home, investing in property, or constructing your dream residence, our mortgage solutions are structured to support your aspirations.

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Repayment Period

Up to 360 months (30 years) or up to age of 60 years or age of retirement for professionals.
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Loan Purpose

For the purchase or construction of a home.
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Insurance Coverage (Optional)

Loans include insurance with a maximum coverage of $300,000.00
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Loan Fees

A loan fee of 1.5% of the amount requested and a commitment fee of 0.5%.
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Interest Rate

An attractive 0.56% per month on the reducing balance.
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Share Requirement

Just 10% of unencumbered shares required per request.

Required Documents for Loan Application

  • Share Requirement: 10% of the total loan amount in shares.
  • Current Job letter.
  • Recent salary slip.
  • Two forms of ID
    (per applicant)
  • Utility Bill or Bank Statement
    (Members without a utility bill/bank statement in their name are advised to provide a letter from the addressee on the utility bill confirming their address & valid copy of their ID).
  • Financial Statements
    (Bank statement showing credit and loan balances, credit union statements reflecting shares, deposit, and loan balances).
  • Property Documentation
    – Letter of sale or purchase agreement
    – Copy of Deed or Title deed to the property/Certificate of Title
    – Deed of lease (for leasehold land),
    – Copies of up-to-date receipts of lease rental,
    – Valuation report by an approved valuator.
  • Tax Compliance
    – Copies of up-to-date receipts of lease rental,
    – land and building taxes,
    – WASA clearance certificate
  • Additional Documents
    Life insurance policy

Additional Requirements for Home Construction

  • Building Plans: Approved plans from Town and Country.
  • Cost Estimates: Detailed builder’s estimate.
  • Contracts: Building contract (if applicable).
  • Quantity Survey: Quantity surveyor’s report.
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Ready to Purchase Your Land?

Start the journey to owning your piece of land today. Apply now for our Land Purchases Loan and take the first step towards securing your future. Just fill out the form below, select your preferred branch, and let us guide you through every step of the process.

Explore Further: Uncover Additional Mortgage Loan Options and Resources

Approved Service Providers

We’ve assembled a Comprehensive Network of Professionals to meet all your homeownership needs, including Property Valuators, Attorneys, and Quantity Surveyors.

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Quick Loan Calculator

Utilize our Quick Loan Calculator to estimate your monthly payments and find the perfect fit for your budget.

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