Home Equity Loan

Equity is the difference between the current market value of the property and the outstanding payment amount on the mortgage.


  • Loan is for Members with existing Mortgage at Eastern Credit Union or other financial institution or with a paid off Mortgage.
  • This loan is applicable to both house & land owners.
  • Members with Mortgages elsewhere must have Mortgage transferred to Eastern Credit Union.
  • Members with mortgages outside and transferring to Eastern Credit Union must provide ALL relevant documents for mortgages.
  • Member must have 10% of request on unencumbered shares.
  • Loan should not exceed 80% of the equity (the difference between the current market value of the property and the outstanding loan balance or the original payment amount for home).
  • Loan will be for a maximum of 25 years or when member reached 60 years (the lesser of the two)
  • Loan will be for personal expenses- debt consolidation, home repairs, vehicle purchase, tertiary education, medical expenses and personal investment (equities, fixed deposits, Money Market)
  • Loan period is for a minimum of 5 years.
  • Loan period can equal outstanding period for mortgage (eg. If current mortgage is for 15 years and 5 years have been paid, equity loan can be for 10 years).
  • Interest Rate of 0.75% per month on the reducing balance method.
  • Member must provide current valuation of property from one of our approved valuators.
  • Invoices and/or estimates must be provided.
  • All other Lending Criteria apply.

Required Documents:

  • Agreement of sale / purchase
  • 2 forms of identification per applicant
  • Copy of mortgage, deed or title deed to the property / certificate or title
  • Deed of lease (if leasehold land)
  • Valuation report
  • Bank statement reflecting credit and loan balances
  • Credit Union statements reflecting shares, deposit and loan balances
  • WASA clearance certificate
  • Copies of up to date receipts of lease rental, Land and Building taxes and WASA rates.

Approved Valuators:

Raymond & Pierre Limited

Emrond House, #111 Oxford Street, Port-of-Spain. Tel: 623-4945

Linden Scott & Associates Limited

#1 Anderson Terrace, Maraval, Tel: 622-1149

Prince & Associates

Aspri House, #3 Sydney Street, Port-of-Spain. Tel: 624-6866

G.A. Farrel & Associates

#23 Ariapita Avenue, Woodbrook. Tel: 624-8628/6629, 627-5670 or #84 Drayton Street, San Fernando, Tel: 657-7162/5630

D.W.H. Knott

TEA Building, Chartered Valuation Surveyor, Scarborough, Tobago. Tel: 639-2689


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