Real Estate Loan
We understand that buying a property is one of the biggest decisions you’ll ever make. Whether it’s your first home, an investment property, or your forever dream house, we are here to guide you every step of the way. With our extensive knowledge of the local market and a wide range of property options, you can trust us to help you find the ideal home that matches your lifestyle and financial goals.
Loan Requirements
- Equity requirement: 10% of principal
- Appraisal Report
- Collateral: Land Title
- REM at Registry of Deeds / Land Title encumbered at RECEMPCO
- Salary Deduction
- 6% per annum; straight interest
- Maximum loanable amount - 70% of the appraised value of the property but not to exceed 2 million
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Who can apply for a Real Estate Loan?
Only regular members of the cooperative who have met certain eligibility criteria are eligible to apply for the real estate loan.
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How long does it take to process the loan?
The loan processing time typically takes between 1-3 days. This includes the verification of your application, property appraisal, and approval process.
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Can I use the loan for renovation or property improvement?
Typically, the loan is intended solely for the purchase of property. However, in some cases, you may be allowed to use a portion of the loan for property improvements if specified in the loan agreement.
