Land Loans
The Building Society can help you to earn a piece of the Emerald Isle. Land loans are available at very reasonable terms.
Home Loans
Buying or building a house is the biggest investment in your life time. The Montserrat Building Society is here to make it easy for you with their affordable rates.
Criteria for Loan Application
- The applicant must be fully employed and in that employment for at least one year.
- The applicant must make available references from other financial institutions where business was conducted previously.
- Monthly mortgage payment should not exceed (45%) of net income.
- For land purchase the applicant must have a letter or sale agreement from the seller.
- For house construction the applicant must have free and clear title to the land on which the proposed house is to be built.
- The applicant must make available drawings and specifications of the proposed house, approved by the planning authorities.
- An independent valuation of the land/proposed dwelling must be done by the Society’s Valuator.
- The applicant should not exceed 50 years of age and must establish a savings account with the Montserrat Building Society Limited.
- Security: – Mortgage Protection Insurance Policy with loss payable clause in favour of Montserrat Building Society Limited and first charge over the property.
- If the applicant’s source of income is from a private business, he or she must make available a copy of the Trade License, 3 years financial statement and the last income tax return prior to the date of the application.
- Mortgage Loans are not expected to exceed $450,000.00 EC or 85% of the value of the combined land and proposed building whichever is the lower. However the Management Committee may consider applications in excess of this amount on a case by case basis.
