About Home Loan

COB provides a number of Home and Mortgage Loans to assist in financing your dreams surrounding owning and furnishing your own home.

They say there’s no place like home.

COB understands the importance of owning your own home. From mortgages to home improvement loans, we make home ownership easy.

Get financing for your home & property ownership needs.

We will help you achieve your goals, and make your dreams a reality!

Property Purchase

So you have found the complete package in the right neighborhood. Team COB will help you close the deal. You’re one step away from fulfilling your dreams. The Borrower is entitled to the release of the charge against the property mortgaged upon repayment of the principal and the interest.

House Construction

We don’t want you to just build a house, we want you to create memories. Our Loans team will guide you every step of the way. What are you waiting for?

Home Improvement

Who says getting older is no fun. As your home ages let’s help you make those changes that brings added style and value. Easy terms and excellent service. Our winning combination.

Land Purchase

Right Avenue, great price, all it takes is your signature. Let Team COB help you make more possible with our fantastic land loan product.

Get financing for your home & property needs

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Requirements for a Home &/or Mortgage Loan

The documentation required to apply for each type of home and mortgage loan is outlined below:

  • Proof of current mailing address.
  • Current job Letter.
  • Two (2) recent pay slips (No older than three months).
  • Age- Maximum age of applicant at loan maturity is 67 years.
  • Income information- No specific minimum limit so this can be removed.

Property Purchase

  • Offer Letter from vendor stating purchase price, location, size and description of the property.
  • Valuation issued by a recognized valuer/quantity surveyor

House Construction

  • Copy of approved plans.
  • Permission from landlord (to build on land) if the land is rented with a certificate of long-term tenancy for a term not less than the period for which the loan is required.
  • Typed, detailed estimates for materials – should be typed on company’s letterhead.
  • Estimate for labour must be signed by the builder/contractor and include the name, address and telephone number(s) of said builder/contractor where construction/renovations are to take place.
  • Breakdown of the works to be completed.

Home Improvement

  • An estimate or quotation for labour and materials. The document should be clearly presented (preferably typed).

Land Purchase

  • Offer Letter from vendor stating purchase price, location and size of plot of land
  • Valuation issued by a recognized valuer/quantity surveyor

Home Loan - Eligibility

Any salaried, self-employed professional or any Public sector employee who is a C.O.B Credit Union member, is eligible for a home loan.

Age

Maximum age of applicant at loan maturity: 65 years

Income

Minimum Net Monthly Income: $1,500

Credit Rating

A credit check will be carried out to make sure you qualify.

Frequently Ask Questions

Home & Mortgage Loan FAQs

A Mortgage is a legal relationship having consequences in law. It is a contractual arrangement enforceable at law. It is a document governing the relationship between lender and borrower,

The fees include:

  • Legal fees
  • Search fees
  • Surveyor’s fees
  • Recording fees
  • Stamp duty
  • And maybe a prorated portion to the land tax

The wait may be due to the important searches such as:

  • Title searches
  • Court registry searches
  • Availability of the documents
  • Replies to requisition on titles

Good title is obtained by having:

  • Title deeds
  • Recent surveyors’s plans
  • Current land tax certificate, bill & receipt

The mortgagor can be the owner of the property or the legal representative of the owner. The owner must be able to support a claim to the ownership by producing evidence of title.

The consequences are that:

  • The Lender and the Borrower will be in partnership for the duration of the plan period.
  • The Borrower is entitled to the benefit of the funds secured under the mortgage.
  • The Lender is entitled to receive funds in the full settlement of the loan advanced together with the interest.
  • The Borrower is entitled the release of the charge against the property mortgaged upon repayment of the principal and the interest.

There is an assessment process. If lending is approved you may be called on the same day or at least the following day.

In the case of mortgages the disbursement of funds is done in a phased manner and ensures the proper management of your project

For loans approved during the 1st and 10th of the month, repayment is the end of the current month. Repayment will commence at the end of the following month on all loans approved after this date.

Certainly. Interest is calculated on the balance as it reduces. It is therefore to your advantage to reduce the balance owed.

Request a Quote

Apply for a Home/Mortgage loan online,  provide your details below in the application form and a representative will get back to you.



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