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.

Criteria:

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