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Mortgage Loan

Empower yourself by owning your own property. Transcorp offers to its membership long term mortgages for the financing of property purchases or construction.

A member may be granted a mortgage loan for the following purposes: 

  • Purchase of real property;
  • Construction of residential home;
  • Renovation works;
  • Purchase of commercial property;
  • Purchase of residential home;

A maximum borrowing amount equivalent to 90% of the value of the property and/or cost of construction or the purchase price, whichever is lower will apply.

The interest rate on such loans shall be 0.75% per month on the reducing balance and subject to a bi-annual review on the individual member's accounts or as determined by the Board from time to time.


Mortgage Loan criteria:

  • Sale Agreement Letter
  • Title Deed or Lease of property to be mortgaged
  • Copies of Lease Receipts
  • Updated Land and Building Taxes
  • Updated WASA Clearance Certificate
  • Life Insurance assigned to the Credit Union (to cover the entire risk)
  • Construction All Risk Coverage Insurance (assigned to Credit Union)
  • Valuation report (Done by valuators recognized and registered with Institute of Surveyors of Trinidad and Tobago - I.S.T.T.  as accepted by the Society)
  • Certificate of Assessment (for Home purchase)
  • Statutory Approval from Town and Country Planning
  • Approved Building Plan
  • Cadastral Sheet
  • Projected Valuation Report (For Home Construction)
  • Builder's Detailed Estimate
  • Building Contract
  • Certificate of Completion (properties less than 3 years old)
  • The advice of Assignment of BIR File Number
  • Written Permission (if jointly owned)
  • All other lending criteria set out in 7.0

Normal Lending Criteria :

  • Two Form of Valid (ID, DP, PP & Electronic Birth Paper)
  • Proof of Address for Individuals (UTC Statement, Bank Statement or Utility Bill )
  • Proof of Address for Self Employed ( Utility Bill from the place of business)
  • Proof of Income for Individuals  (Payslip or Job Letter, no more than 2 months)-
  • Proof of Income for Self Employed (Business registration, 3 years Management Accounts, Last tax return filed)
  • Must be 18 years and over  with consistent savings for a minimum of 3 months
  • DSR  50% (Maximum or as directed by the Board of Directors )
  • Security (Shares invested in the Credit Union