Interest rate – 9% per annum on the reducing balance
Loan Term – Maximum 15 years
Type of Real Estate – primarily residential; Land and Building
Collateral Value used: 80% of Forced Sale Value
Fees – Member covers Insurance, Legal fees etc.
Property Tax Payment – Must be up to date
Surveyor’s Report – 1 year old
Valuation - 1 year old (See Real Estate Valuator list)
Proof of Income required – last 3 months for administrative staff; last 6 months for commission earning employees; last 3 years audited financials for Business Owners
Debt Ratio – Members Debt Service Ratio should not surpass 45%
Mode of Payment – Salary Deduction, Post Dated Cheques, Standing Order
