A special mortgage is now being offered at the Communal Cooperative Credit Union (CCCU) with an interest rate of 4.99%, believed to be the lowest on the island.
The Credit Union hosted a Residential Mortgage & Finance Symposium together with Insurance companies, Attorneys-at-Law, Valuator and Real Estate stakeholders at the Radisson Grand Beach Resort in an effort to provide information that will encourage perspective customers to make an informed decision towards purchasing their home.
President of the Credit Union, Jusceno Jacob said the symposium was relevant for knowing the current financial landscape and the nature of property and home ownership in Grenada.
“We are always member focused and we are willing to be part of each member life’s journey – we beckon all to come to Communal for the realisation of your dreams”, he said.
“I want to also remind us that as members of the Communal, we are not just customers with access of premium services but also the owners who reap the dividends of the institution’s gains – we must therefore make it our first choice financial institution”, he added.
According to Jacob, Communal Credit Union has accepted the challenge “to help make this life changing decision of home ownership, one that is achievable and rewarding”.
“The Dreams Come Home Residential mortgage will be a whole new experience taking you from dream to reality while securing your family and safeguarding your investments,” he quipped.
Marketing Officer of the Credit Union, Chinnel Andrews disclosed that in order to access the loan, persons must be members of the credit union.
“For this promotion you can join today and you can apply for the loan. It’s a special mortgage promotion and this year we decided – now we know everybody is offering you mortgage, apart from the rate – what can we do differently to benefit both us and institution and our members.
“We know investing in a home or any kind of investment in real estate can be a very difficult decision. You want to know which is the right property to purchase – you want to know how they should approach it.
Andrews noted that there are legal issues and legal implications for persons and “we decided to have a forum like this where we can educate our members and provide the opportunity where they can learn all they need to know so that when they come before us for financing they will have everything together and we can make the process as smooth as possible”.
She said that persons who qualify can secure loans at interest rates starting at 6.55% and on conditions decrease to as little as 4.99%
“We want you to feel at home when you get a mortgage, we don’t want you to be stressing over your contractor and the deed by the lawyer.
We want you to just feel comfortable at home and to start it – we are giving you 4.99%. Now, I must say that our interest rate for this mortgage promotion starts at 6.55% and comes down to 4.99%.
Your interest rate will be determined based on your credit risk and all of that.
“…Anybody interested in purchasing land, home, you want to purchase a home or you want to build, residential or commercial, you can qualify under this promotion. You want to switch your mortgage, you want to pick up your mortgage and run with it to Communal – you’re free, new loans only.
“We are providing up to 90% financing on land purchase, and purchase of construction of residential property, up to 75% financing for commercial properties and interest rate, as I said, we are starting at 6.55% and coming down to 4.99% and reduce legal and mortgage fees, together with reduced negotiation fees.Communal Cooperative promotes its Residential Mortgage Programme.