Home Equity loans are a useful option for members who are homeowners and wish to use their property to secure facilities for home improvements, debt consolidation, etc. Interest paid on loans for home improvement are tax-deductible. Members must consult with BIR for details. Loan cannot be used to refinance existing credit union loans.
$100,000.00 – $1,000,000.00
VARIABLE INTEREST RATE
$200,001.00 – $350,000.00 7.50%
$350,001.00 – $500,000.00 8.00%
INTEREST CALCULATION APR
Minimum 20% cash collateral and 80% MBOS on property
Fixed Deposit/Mortgage Deed are the main collateral security.
VALUATION / LEGAL FEES
Valuation of the property is required.
A title search must be conducted on items used as security.
All legal, valuation, search fees etc will be met by the applicant even if the application is unsuccessful.
1% of loan request
Applicants will be required to provide documentation in support of loan applications.
Loan can be refinanced at any time.
Five (5) months interest.