At VENTURE we know your home is your most valuable asset. If you need to improve, enhance or acquire property, then you should consider applying for a VENTURE Mortgage Loan.
There are two main types of mortgages:
This is a mortgage loan used to finance a property or land only for private use by the owner. The security for the property is usually the property itself. The terms of the loan remain standard, with monthly payments usually at a fixed amount. These loans are handled by the branch.
This is a mortgage loan used to buy/finance a property for commercial/business use. The loan is “secured” on the borrower’s property. Rent assignments are also another possible source of loan servicing payment. The terms of the loan are standard, with monthly payments usually at a fixed amount. These loans are handled by the business unit.
Your home is usually the collateral for that loan. When you agree to a mortgage, you are signing a legal contract promising to repay the loan plus interest and other costs.
MORTGAGE LOAN REQUIREMENT:
Two (2) forms of valid ID
Utility Bill not older than 3 months
Payslip – not older than 1 month & Job Letter- not older than 3 months. Job letter must be addressed to VENTURE Credit Union.Sale Agreement Letter
Title Deed or Lease
Copies of Lease Receipts
Updated Land and Building Taxes
Updated WASA Clearance certificate
Insurance (Life & Property – assigned to Credit Union)
Search, Valuation & Surveyors Report (Done by Credit Union)
10% Down-payment to shares
Certificate of Assessment (for Home purchase)
Certificate of Completion (properties less than 3 years old)
Evidence of BIR Number
Additional Requirements for construction
Approved Building Plan
Projected Valuation Report (For Home Construction)
Builder’s Detailed Estimate
FREQUENTLY ASKED QUESTIONS
For further information on mortgages, please contact us at 225-4VCU (4828).