Affordable Home and Mortgage Loans

We understand that owning a home or property is more than just a milestone—it’s the foundation of your future. That’s why we offer a comprehensive range of mortgage and home improvement loan options to suit every need.

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Lay the groundwork for lasting success

Let us help you turn your dream home into a reality—quickly, easily, and affordably.

Home and Mortgage Loan Requirements:

These are the base documents needed to be able to apply for a home or mortgage loan:

Proof of current mailing address
Current job Letter
Two (2) recent pay slips (No older than three months)
Valid identification

Each loan type has additional requirements, check out the terms and to get started on your new home or property today!

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What are the terms?

Eligibility
Any salaried or self-employed professional or any Public Sector employee who is a C.O.B Credit Union member, is eligible for a home loan! Additionally:
Age: Maximum age of applicant at loan maturity: 67 years
Income: Minimum Net Monthly Income: $1,500
Credit Rating: A credit check will be carried out to make sure you qualify.
Choose a loan and apply!
Property Purchase
House Construction
Home Improvement
Land Purchase
Property Purchase

You’ve found the perfect home, and we’re here to help you close the deal. You’re just one step away from achieving your dream. Once the loan is repaid in full, the mortgage will be released from the property.

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House Construction

We don’t just want you to build a house—we want you to create lasting memories. Our Loans team will be with you every step of the way!

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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!

Additional documents needed to get started:
An estimate or quotation for labour and materials. The document should be clearly presented (preferably typed)
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Land Purchase

The perfect location, the right price—your dream property is just a signature away. Let Team C.O.B unlock new possibilities with our exceptional land loan product, offering competitive rates and seamless support. Make your vision a reality today!

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FAQs about Home & Mortgage Loans

More Information on Property Purchase mortgages from C.O.B

Additional documents needed to get started:
Offer letter/Purchase agreement from vendor
Valuation
Plot plan (not required apply for the loan)
Maximum repayment period: 30 years
Required equity position / deposit:
  • 100% financing with a deposit of $500 for amounts up to $300,000.00
For mortgages that don’t qualify for 100% financing:
  • 5% equity position for amounts up to $400,000.00
  • 10% equity position on any additional amount thereafter up to $599,990.00
For mortgages over $600,000.00 and over the maximum period of 30 years does not apply.
  • 25% equity position for loans over $600,000.00 up to $1,000,000.00 (25 years to maximum)
  • 40% equity position for loans over $1,000,000.00 up to $2,000,000.00 (20 years to maximum)
For members who did not make any payments or deposits to the vendor, their equity position will be 0% and they will therefore be required to make a deposit to their account according to the above. e.g. :
  1. A property being sold for $300,000.00 will have a required deposit of $15,000.00 (300,000.00 x5%=15,000.00)
  2. A property being sold for $700,000.00 will have a required deposit of $50,000.00 (400,000.00 x5%=20,000.00, 300,000.00 x10%=30,000.00 , 20,000.00 +30,000.00= 50,000.00)
Where members have made a payment or deposit to the vendor, which satisfies the above stated equity position, they will only need to have a minimum deposit, which is 1.5% of the loan amount up to $400,000.00 and 3% on any amount thereafter. This calculation follows the previous example shown.
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More Information on Home Construction mortgages from C.O.B

Additional documents needed to get started:
Copy of approved plans
Valuation from an approved valuer
Permission to build document from Town and Country Planning
A detailed estimate for materials, labour and a breakdown of the works to be completed must be signed by the contractor which should include their Name, Address and Telephone Number(s)
Please note that we are guided by the cost to complete as stated in the valuation. The disbursement that we would allow for a construction project is 20% of the overall cost as stated by the contractor
Maximum Repayment period of 30 years
Required equity position / deposit:
  • 100% financing with a deposit of $500 for amounts up to $300,000.00
For mortgages that don’t qualify for 100% financing:
  • 5% equity position for amounts up to $400,000.00
  • 10% equity position on any additional amount thereafter up to $599,990.00
For mortgages over $600,000.00 and over the maximum period of 30 years does not apply.
  • 25% equity position for loans over $600,000.00 up to $1,000,000.00 (25 years to maximum)
  • 40% equity position for loans over $1,000,000.00 up to $2,000,000.00 (20 years to maximum)
For members who recently purchased land the value of the land is taken as the lesser between the purchase price of the land. Their equity position will be 0% and they will therefore be required to make a deposit to their account according to the above. e.g. :
  1. A property being built for $300,000.00 will have a required deposit of $15,000.00 (300,000.00 x5%=15,000.00)
  2. A property being built for $700,000.00 will have a required deposit of $50,000.00 (400,000.00 x5%=20,000.00, 300,000.00 x10%=30,000.00, 20,000.00 +30,000.00= 50,000.00)
Where members fully own the land or have made enough payments to their land loan which then gives a difference between the current land value and the land loan balance. If that value satisfies the above stated equity position, they will only need to have a minimum deposit, of $500.00 up to $400,000.00 and 1.5% on any amount thereafter. This calculation follows the previous example shown.
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More Information on Land Purchase mortgages from C.O.B

Additional documents needed to get started:
Offer Letter from vendor stating purchase price, location and size of the plot of land
Valuation issued by a recognized valuer/quantity surveyor
Plot Plan
Maximum repayment period: 20 years
Required equity position / deposit requirement:
  • 5% equity position for loans under $125,000.00
  • 10% equity position for loans over $125,000.00 up to $599,999.00
  • 25% equity position for loans over $600,000.00 up to $1,000,000.00
  • 40% equity position for loans over $1,000,000.00 up to $2,000,000.00
(“Equity position” meaning the difference between the cost of the land and the amount the member will be applying for expressed as a percentage of the cost)
For members who did not make any payments or deposits to the vendor, their equity position will be 0% and they will therefore be required to make a deposit to their account according to the above.
Where members have made a payment or deposit to the vendor for the said land and have satisfied their required equity position, they will only need to have a minimum of 2.5% of the amount for which they are applying in their savings.
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