Residential Mortgage Loan
Your Home, Your Haven.
Build Your Dreams.
Bridge Financing Loan
Eastern Credit Union’s Bridge Financing Loan is your partner in turning construction plans into reality. Designed for those embarking on home construction, this loan bridges the gap between the start of your project and its completion. With our competitive rates and tailored terms, we provide the financial support necessary during the critical phase of construction. Whether you’re building your dream home or a valuable investment property, our Bridge Financing Loan ensures your project stays on track from foundation to finish.
- Construction Period Rate: Interest rate of 1.25% per month on the outstanding balance during construction.
- Long-term Mortgage: Following a six-month construction period, a Completion Certificate is required to transition to a long-term mortgage.
- Long-term Mortgage Terms: Up to 25 years with an interest rate of 0.56% per month on the outstanding balance.
- 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 - Property valuation by an Eastern Credit Union-approved valuation.
- Tax Compliance
– Copies of up-to-date receipts of lease rental,
– Land and building taxes,
– WASA clearance certificate - Expense Documentation: Invoices or estimates for the intended use of funds.
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
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