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Home Equity Loan

Unlock Your Home’s Potential.

Your home is more than a place to live – it’s a valuable asset. With Eastern Credit Union’s Home Equity Loan, you can tap into the equity of your home for your personal needs. Whether it’s for debt consolidation, home improvements, vehicle purchase, education, medical expenses, or personal investment, our loan provides a flexible and affordable solution. We’re here to help you make the most of your home’s equity, supporting your financial goals with competitive rates and convenient terms.

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Repayment Period

Up 180 months (15 years) or until the member reaches 60 years old, whichever is lesser.
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Share Requirement

Just 10% of unencumbered shares required per request. Member can borrow up to 80% of the Equity.
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Interest Rate

Attractive rate of 0.75% per month on the reducing balance.
  1. Eligibility: Members with an existing mortgage at Eastern Credit Union, a paid-off mortgage, or a mortgage at another financial institution.
  2. Transfer Requirement: Members with mortgages elsewhere must transfer their mortgage to Eastern Credit Union.
  3. Share Requirement: 10% of the loan request in unencumbered shares.
  4. Equity Cap: Loan amount not to exceed 80% of the home’s equity (the difference between the current market value and the outstanding loan balance or original payment amount).
  5. Loan Purpose: Versatile usage including debt consolidation, home repairs, vehicle purchase, tertiary education, medical expenses, and personal investment.
  6. Loan Term: Up to 25 years or until the member reaches 60 years old, whichever is earlier, with a minimum of 5 years, aligning with the remaining mortgage period if applicable.
  • 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

Approved Service Providers

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