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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.

Approved Security

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.

The Loan Structure

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

Loan Requirements

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

Connect with us to Learn more and book your virtual appointment:
Email: service@becuonline.com
WhatsApp: 394-1615
Call: 622-4035
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About BECU

BECU's goal is to foster a resilient and dynamic environment in which to cultivate enhanced financial security and prosperity for our membership, and the credit union movement overall. Read more.

Contact Us

(868) 622-4035