Mortgaged Secured Loans:
- Mortgaged secured loan are loans in which an asset such as land may be pledged by the applicant or applicants to guarantee or secure the loan from the Corporation.
- Land financing are also available whereby the purchased land will be mortgaged to the Corporation to secure the debt. The land equity requirement is 30% of the land cost, and the land area is limited to a quarter acre piece which is set aside for residential purposes only and not for Commercial use.
- The maximum amount for loan secured with a land mortgaged is $120,000. The amount however will be determined by the land security value and the ability of the applicant or applicants to pay.
- The loan term is normally to 10 years, but can be extended to 15 years maximum.