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Latest News

17 November 2017

Budget Proposal 2018

20 September 2017

Back Pay Loans

Mortgage Loans

Mortgage loans are available to members, subject to affordability (of repayment by the member) and availability of funds and chronology of application.
When applying the following is required:

Copy of Agreement for sale To determine the time period to complete the transaction if you are purchasing the property Upon application and during the process
Consent from the Commissioner of Co-operatives for each land transaction As in accordance with the Co-operatives Society Act Before loan is disbursed
Copy of the Land Deed or Copy of Memorandum of Mortgage and Certificate of Title To commence searches to ascertain if there are any encumbrances or any prior mortgage against the land or to commence searches and to have Mortgage endorsed on the back of the Certificate of Title At all times
Current land and building tax receipt The state could sell property for default of payments At all times
Current WASA clearance certificate and current WASA bill The Authority could sell property for default of payments. The Certificate is required as all outstanding charges (meter installation etc) would not be included in the Bill At all times
Current rent receipt if deed is a Deed of Lease The attorney may have to apply for the consent of the Lessor for the Mortgage Sometimes
Completion Certificate The Act provides for it if the member is buying property in a building development Sometimes

At present the interest rate on Mortgages is 9 per cent per annum on the reducting balance (subject to change) and payment.

New stamp duty system implementation (BIR)M/h4>
Get familiar with the new requirements for stamp duty from the Board of Inland Revenue (click to download PDF).

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