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CICSA Co-operative Credit Union Limited

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Loans

Home Construction Loans - Max $350,000 for 25yrs!

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For those of you who would like to build a new home in stages and may not have sufficient collateral as you build, this loan is for you!

Requirements For The Home Construction Loan
  • Financing of homes up to $350,000
  • Share Contribution 1%
  • Term: 25 years max, loan prorated to mature at age 65 years
  • Loan payment: up to 4 months loan payment can be waived or only the interest can be paid.  1st full loan payment due at end of 5th month
  • Qualifying conditions for contractors apply e.g. T&B License
  • 80% of the proposed value of the property accepted as collateral with loan application
  • Life/Term & Construction Insurance required
  • Disbursements will be done in stages and valuation is required after 2nd drawdown
  • Site visits will be conducted by Credit Union
  • Non-refundable processing fee of $150
  • Penalties: if paid out within 1st yr = 12mths interest; 2-3yrs = 6mths interest; after 3yrs = 4mths interest

**Other terms and conditions apply**

Requirement File View An Amortization Schedule Application Form