Mortgage Loan

  • Title of Land / Property
  • Surveyors Plans (Land)
  • Approved Plans (House)
  • Qualified Bill of Quantities / Scope of work
  • Valuation of land / property completed  by an approved valuator
  • Copy of construction contract
  • Proof of income (Job letter / salary slip)
  • Must be saving regularly for at least six (6) months prior to application
  • Minimum shares of 8% of the loan request ( E.g. If the loan request is $300,000.00 then your Shares account should be $24,000.00)
    Loans up to a maximum of Five Hundred Thousand dollars ($500,000.00) may be approved.
  • A maximum repayment of thirty (30) years may be granted.
  • The interest rate of no less than 6.99% per annum on the reducing balance will be charged
  • Monthly repayments should not exceed 45% of a Member’s net Income
  • Loans should be paid off by the time the Member reaches the official age of retirement. (Consideration for an extension will depend on the member’s earning power beyond that age)
  • During the construction period, only interest on the loan is payable; interest plus principal is payable one (1) month after the final draw down or six (6) months after the commencement date of project.
Prepayment of principal or lump sum payments will be permitted at any time without notice or penalty.
  • Loans will not exceed 95% of the cost of completed property or property being purchased (subject to an appraisal by the credit union’s valuator). The member must meet the architectural costs. Legal fees may be lent in exceptional cases.
  • House and Life Insurance are required
  • Insurance policies must be assigned to the General Employees’ Co-operative Credit Union Limited (GECCU).
  • Security will be a first legal charge in favor of the Credit Union. The title to the property must in all respects be satisfactory to the credit union’s solicitors.
  • Legal and other costs: All legal and other professional costs/fees or incidentals to the granting of the mortgage loan must be borne by the applicant and may be included in the amount requested. The member is responsible for the payment of all rates, taxes, insurance and any other charges on the property and for keeping it in a good substantial state of repairs. Verification of all annual payments would be made by the General Employees’ Co-operative Credit Union Limited (GECCU).
  • There will be no service charge for Mortgage Loans
  • All loans will be disbursed in installments, providing it is not a single purchase for property.
  • The first advance will be made when all loan conditions have been met and the mortgage has been registered. The amount of any advanced installments will be determined by the Credit Union after inspection of the property. The Credit Union will not be obliged to meet the value of a request for an advance.
  • Loans must be taken up within six (6) months of approval. Failure to do this would result in the cancellation of the application.

GECCU Mortgage and Loan Calculator



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Period Payment Interest Balance

Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

  • Only members can qualify for loans
  • Members must have the minimum share requirement.
  • A six month minimum period of membership with regular payments is required before a loan can be granted. However, consideration would be given to new members with an established ability to service the loan, meet the eligibility requirements and if necessary adequate security or manageable exposure.
  • Lien on Shares Deposits
  • Co-Makers – members signing on behalf of others (by using their Shares, Deposit or Fixed Deposit)
  • Bills of Sale with comprehensive insurance policy
  • Land Title