Use the equity in a property to secure up to $8M for a maximum of 10 years. Use your Property Pledge Loan to build, renovate, pay down a debt, start a business or any other personal use.
Loan Terms and Conditions:
- ID
- Must be a member for at least 6 months 5% of the loan amount is to remain until the loan is settled/liquidated.
- Maximum loan repayment period – 120 months (10 Years).
Loan Requirements
- ID Last two months’ pay slips
- Proof of repayment
- Original Certificate of Title
- Receipt for payment of property taxes
- Evaluation report (See panel of evaluators) *
- Property used for the first time at PPCCUL to access a loan, evaluation report must not be older than 1 Year, otherwise, 2 Years
Surveyor’s Report
- a. New Mortgages/Borrowers, a new surveyor’s report is to be presented b. For returning borrowers, the surveyor’s report shall not surpass 3 years.
- Statement/Status Letter from NHT, VMBS, JN or HAJ if a mortgage is already registered on the property.
- Proof of property insurance
- Proof of loan purpose (Invoices, Statements etc.)
- Proof of loan repayment
If Property is owned by another party:
- A letter from the owner(s) permitting to use of said property as security is to be done.
- The letter is to be witnessed by JP/Notary Public along with the owner(s) ID.
- The letter should also include the loan amount and the loan period
If the title has a previous mortgage (PPCCUL – 2nd Mortgage)
- The owner(s) of said property is to write a letter to NHT, VMBS, JN or HAJ giving permission for the title to be released to PPCCUL for the purpose of registering its mortgage. The content of the letter should include the amount to be registered.
- The letter is to be witnessed by a JP or Notary Public along with the ID of all the parties
