Home Equity

Discover the value of your home as an investment tool with a Prudential line of credit

  • Borrow up to 90% of the value of your home
  • Terms from 5-15 years
  • No closing costs or appraisal fees
  • No annual fees
  • Quick approval process

If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity.

With a home equity loan or home equity line of credit from Prudential, you can borrow against the value of your home. This could be a good strategy for you if you need to get extra money to pay for a large expense.

Required Items for Home Equity Loans

Home Improvement Loans

  • An estimate or quotation for labour and materials. The document should be clearly presented (preferably typed)

Property Purchase

  • Offer Letter from vendor stating purchase price, location, size and description of the property
  • Valuation issued by a recognized valuer/quantity surveyor

Land Purchase

  • Offer Letter from vendor stating purchase price, location and size of plot of land
  • Valuation issued by a recognized valuer/quantity surveyor

Home Building

  • Copy of approved plans
  • Permission from landlord (to build on land) if the land is rented with a certificate of long-term tenancy for a term not less than the period for which the loan is required
  • Typed, detailed estimates for materials – should be typed on company’s letterhead
  • Estimate for labour must be signed by the builder/contractor and include the name, address and telephone number(s) of said builder/contractor where construction/renovations are to take place
  • Breakdown of the works to be completed

Frequently Asked Questions

Why do I need a home equity loan?

Everybody has unexpected expenses, cash shortfalls, home repairs or large purchases to make. Instead of cashing in stocks or other investments that may increase in value over time, you can use the equity in your home. You’ll get a low interest rate and the flexibility of low monthly payments.

How much equity do I need in my home to take out a Home Equity Loan?

The amount of equity you currently have in your home will determine the Home Equity Loan value. Consult with Prudential to determine your estimated credit limit or loan value amount.

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