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Home Improvement (HIL)
Make your dreams come true today with a loan from the BECU.
Ensure that your most valuable asset keeps working for you with an affordable Home Improvement Loan. The loan can be used for needed repairs or enhancements that will contribute to future capital appreciation of the asset.
HIL offers members a maximum loan of $80,000. This must be 60% secured by collateral comprised of a minimum of 25% of loan value in unencumbered shares.
- Life insurance policy – 70% of the net cash surrender value
- Stocks and Bonds – 60%-70% of market value
- Land – maximum of 75% of value
- Residential buildings – maximum of 75% of resale value
- Commercial buildings – maximum of 60% of resale value
- New motor vehicle – maximum of 75% of resale value
- Used motor vehicle – maximum of 50% of resale value
*Collateral for this loan may also be co-made or co-signed.
Unencumbered Shares & Minimum Additional Requirements
| Loan | 10,000 | 20,000 | 40,000 | 60,000 | 80,000 |
| Unencumbered shares(25%) | 2,500 | 5,000 | 10,000 | 15,000 | 20,000 |
| Additional shares or collateral (35%) | 3,500 | 7,000 | 14,000 | 21,000 | 28,000 |
| Minimum total security (60%) | 6,000 | 12,000 | 24,000 | 36,000 | 48,000 |
- Maximum loan offered is $80,000
- Maximum repayment term is 60 months
- Interest on loans up to $40,000 is 1.25%.
- Interest on loans over $40,001 is 1.00%
- Minimum share contribution of $100 will be included in loan installment
- Your Debt Service Ratio AFTER the loan must be 45% or lower
- This loan is not granted to persons who have been self employed for less than two years
- Other requirements may be requested at the discretion of the credit union
- Improvement must be to an existing structure that is either fully paid for or currently being paid for under a mortgage agreement.
- Proof of home ownership is required – a copy of the Deed of Title
- A recent valuation of the property must be provided for loans in excess of $40,000
- If real estate is to be assigned as security for the loan, then the member is to bear the cost of any conveyance required and also of any site inspection that may be required
- An estimate for improvement works must be submitted
- Structure must have existing insurance coverage which must be upgraded upon completion of works to include the value of such works
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