Borrowing

Borrowing

Mortgages

Purchasing a home is a major investment. We are here to assist you in your financial decisions. Our team of experts will tailor the mortgage product that fits your financial needs

Fixed Rate – Open

The mortgage where you can enjoy the flexibility of repaying some or all of your mortgage at any time without paying prepayment charges.Take the worry away from interest rate and payment increases and enjoy the stability of a Fixed Rate

  • Available in a 1-year open term
  • Can be switched to closed term any time
  • Can be paid off any time, partially or fully, with no additional cost
  • Fixed interest rate
  • LIFE AND DISABILITY insurance available
  • Calculate your mortgage payments



Equity Mortgage

Take advantage of the equity in your home, and your credit history/score to secure a mortgage even if your confirmable income does not meet the usual debt service ratio. Your character matters to us..

*Conditions apply













Construction Mortgage

Helping you save money and build your own dream home is something we support at KCU with a Construction Mortgage. Pay interest only until your home is finished and realize the satisfaction of home ownership.

  • You must intend to occupy the home upon completion of construction
  • Get advances during the construction of the home.
  • Make interest-only payments during the construction
  • *Conditions apply










Fixed Rate – Closed

Fixed rate closed term mortgages offer the ability to save on interest costs as well as pay off your mortgage faster. No need to worry about increasing rates as your term is fixed for the period that you decide.

  • Available in terms ranging from 6 months to 10 years
  • Fixed terms
  • Prepay extra Up to 10% a year* over and above your regular mortgage payment
  • Enjoy lower interest rate as compared to open mortgage
  • Fixed interest rate
  • Life and Disability insurance available
  • Calculate your mortgage payments

Variable Rate – Closed

With a Closed Variable Interest Rate Mortgage, when your interest rate changes, your payment amount remains the same. However, the amount that is applied toward interest and principal will change.

  • Available in a 3-year and 5-year closed term
  • Interest rate varies with prime
  • Monthly payment stays the same for the term
  • Fixed terms
  • Prepay extra Up to 10% a year* over and above your regular mortgage
  • Can be paid off any time, partially or fully, with no additional cost
  • Life and Disability insurance available
  • Calculate your mortgage payments

Variable Rate – Open

Open mortgages can be repaid either in part or in full at any time without prepayment charges. With a variable rate feature, you can enjoy the benefits of an open mortgage with a lower interest rate.

  • Available in a 1-year open term
  • Interest rate varies with prime
  • Interest rate varies with prime
  • Monthly payment stays the same for the term
  • Convert to any fixed rate mortgage any time
  • Can be paid off any time, partially or fully, with no additional cost
  • Life and Disability insurance available
  • Calculate your mortgage payments

Line of Credit

You can access funds from a pre-approved Line of Credit at any time with an established limit on your existing chequing account. Use as required and repay at your convenience. You pay interest only on the amount you use.

Unsecured Personal Line of Credit

Use your Line of Credit to pay for unexpected expenses or make an irresistible purchase or take a spontaneous vacation with easy access from your chequing account.

  • Access funds through your chequing account
  • Re- advance your Line of Credit as many times as you need and pay down the balance at any time.
  • Payments are set as low as 3% of the maximum utilization of the line of credit, payable monthly
  • LIFE AND DISABILITY insurance available






Unsecured Line of Credit- Homeowners

To accommodate existing members an unsecured line of credit will be offered to all home owners maintaining their residential mortgage with Khalsa Credit Union.

*Some conditions apply











Home Equity Line of Credit

Need money for home renovations, larger purchases or for any other purpose ? Once established a Home Equity Line of Credit is available to you at any time you require.

  • Access funds through your chequing account
  • Re- advance your Line of Credit as many times as you need and pay down the balance at any time
  • The payments are interest only on the used amount
  • You can access up to 65% of the value of your home
  • LIFE AND DISABILITY insurance available

Khalsa Student Line of Credit

This revolving Line of Credit will enable students to pay for books and educational expenses by drawing on the Line up to its established limit while in school and repaying when cash flow permit.

  • Available to students pursuing undergraduate, postgraduate, or professional degrees
  • Student has to pay interest owing each month as long as in school.
  • After completing the studies, student will have up to 12 months before repaying the principal.
  • Fixed payment schedule will be set up to make budgeting easier.


Loans

Personal Loans

We offer a suite of personal loan products for any number of purposes such as buying a new or used vehicle, home renovations, furniture, and debt consolidation.

  • Available for home renovations
  • Maximum amortization 60 months.
  • Can be paid off at any time without penalty
  • Loan can be pre-approved for you to shop with confidence
  • LIFE AND DISABILITY insurance available










Khalsa Youth Loans

In this modern era, a university education is a precursor to a successful career and financial security. With the cost of a degree increasing rapidly, that goal is frequently accompanied by burdensome student loan debt. We want to help young people achieve their academic and financial goals and Youth Loans can be used for these purposes.

If you have student loans from government or other financial institutions, have graduated and are currently employed, consider applying for this loan, which include the following features and benefits:

  • Available from $5,000 to $50,000
  • Maximum amortization 60 months
  • Borrower should be Canadian citizen/permanent resident
  • LIFE AND DISABILITY insurance available
  • Parents required to co-sign

RRSP Loans

If you haven’t maximized your RRSP contributions, take advantage of a “catch up” personal loan form KCU. Your income tax refund might be sufficient to retire your loan at a very reasonable cost. These loans may be paid off at any time without penalty.