To make your borrowing journey simple, we always strive to ensure that you understand the procedures well and prepare adequately to begin a borrowing process.
- Once you have registered as a member, you have completed the first step of the journey, however, you must ensure that the information you provide about yourself is current and correct to the best of your knowledge.
- The primary eligibility criteria include the full payment of Entrance Fee, payment of monthly subscription fees (monthly dues) consistently over a minimum period of six months, and purchase of a minimum of one share which is equivalent to GH¢1,000 (equivalent of £78, €90 and US$100). If the loan request is for a one-time monthly repayment loan, the eligibility criteria include full payment of Entrance Fee and the consistent payment of Subscription Fees for six months.
- Eligibility for personal loans of up to GH¢500,000 depends on the value of the total shares you have purchased of the Society or Caveo credit (gold value) that you have. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of members of the Society have made funds available that can be disbursed to you.
- After we have completed all necessary verifications and the final approval, funds may be deposited into your Transaction Account one business day after your acceptance of the loan offer.
- Eligibility for Reverse Mortgage depends on the location and condition of the building, however, the value calculated for the purpose of the loan shall not exceed 35 percent of the current market value of the building. This established value shall be spread up to the one hundredth anniversary of the borrower and paid into the account of the borrower on the fifteenth day of every month until the demise of the borrower. The rules of mortgage apply in entirety.
- Eligibility for mortgage is subject to the following:
- No age limit.
- Maximum mortgage tenure is 30 years irrespective of age.
- Maximum mortgage loan is GH¢2,500,000 (equivalent to US$250,000, €230,000, £193,000).
- Hydrology Report showing stability conditions
- Insurance
7.The eligibility for Hire-Purchase includes the full payment of Entrance Fee, payment of monthly subscription fees (monthly dues) consistently over a minimum period of six months, and purchase of a minimum of one share which is equivalent to GH¢1,000 (equivalent of £78, €90 and US$100).
8.Discount Stores are opened to all persons ordinarily registered as members and maintain a minimum Transaction Account balance.
