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Loan Products

   

Products and Services

  • Vacation Club
  • Consumer Loans
  • Mortgages
  • Saftey deposit boxes
  • Salary Deduction
  • Bill Paying
  • Loans on the Go
  • Professional Loans
  • Teacher Trainee Loans
  • Investments that would inlude Equity Shares and Commercial Rental Spaces
  • Life Insurance
  • Dividends

Mortgage Loan General Information

  • Must be a member of the Credit Union with Six months (6) CONSISTENT Share Savings
  • Mortgage Maximum: Five Hundred Thousand Dollars $500,000.00
  • Fixed Interest Rate of 8.25%

Types of Mortgages:

  • Debt Consolidation (with Real Estate Purchase or Complete Construction)
  • Home Packages or Complete Construction

Term:

  • Maximum of 25- 30 years (on home purchases or complete Construction)
  • Maximum of 15 years on Property Purchases
  • Exempted from Stamp Duty on Mortgages

Requirements:

All applicants are required to make a 5% equity injection into their projects. 
No! Shares can NOT count toward qualification.  Take this out because fresh funds are now required for this purpose.

All applicants for Mortgages must be able to demonstrate that the loan can be repaid on a monthly basis from a salary assignment.  Over the counter payments will no longer be accepted either as the full source of repayment or to augment partial salary deductions on Mortgages.

  • Other Collateral/Security required ~ Mortgage Checklist available
  • Closing Cost (Legal Fees) out-of-pocket expenses VARIABLE ~. Comprehensive Homeowners Insurance Plan available.

Chattle Loans

  • 10% is required to be deposited on the member's share account prior to applying for a
      chattle loan. Member must have availability in salary to repay loan.

CALL US TO MAKE YOUR MORTGAGE APPOINTMENT TODAY AT
(242) 323-4488 (242) 502-9223
(242) 502-9233

At Teachers & Salaried Workers Cooperative Credit Union Limited we focus on building relationships with our members that last. No hard sell, no hidden fees -- just good service and good advice.

The principle upon which the credit union was built revolutionized Banking in The Bahamas. For the first time, a credit union would become a financial partner to the working Bahamian. Members could create wealth through investments, consistent savings contributions and receive high interest and dividends.

It is a place where Bahamians are financially empowered, placing them in a position to accomplish their goals. Members without a lot of means could borrow money to buy furniture, take a vacation, purchase an automobile or put a child through school.

 

 

 

   
Nassau
Freeport, Grand Bahama
Abaco
Bahamas Co-operative League Limited (BCLL).
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