St. Kitts-Nevis-Anguilla National Bank Launches Two Mortgage Loan Programmes for First Time Homeowners
Basseterre, St. Kitts, June 12, 2019 (SKNIS): The St. Kitts-Nevis-Anguilla National Bank (SKNANB) launched two initiatives in May 2019, giving persons the opportunity to become first time homeowners.
One of the initiatives mentioned by Executive Manager Marketing at SKNANB, Anthony Morton, during his appearance on Wednesday’s (June 12) edition of “Working for You”, was the National Programme for the Realization of Individual Dreams and Empowerment, known as the National PRIDE.
“With this programme you can borrow up to EC$ 650,000 to construct a house at an affordable cost at a fixed rate of only five percent per annum for the first 10 years,” said Mr. Morton, adding that a home will last a lifetime once it is properly taken care of. “This programme targets first time homeowners who want to realize their dreams of owning a piece of the rock.”
The marketing manager noted that the National Pride programme consists of a number of features making it even more attractive.
“You can borrow up to EC$ 400,000 without any sort of down payment. You can consolidate up to 10 percent of consumer debts into this mortgage,” he said. “A key ingredient is that it is to construct your home. You even have an opportunity to incorporate an apartment into that home experience”
Giving background knowledge on the programmes, Mr. Morton noted that in 2012 the FREESH and GRASP Mortgages were established by the Sugar Industry Diversification Foundation (SIDF) in collaboration with SKNANB and several other indigenous financial institutions to construct and finance middle to low income housing in the Federation.
“Since that time, National Bank felt the need to improve these two home mortgages by offering more attractive terms to facilitate home ownership. Accordingly, we have rebranded the FREESH and the GRASP into the National PRIDE and the National GRAD respectively,” he said.
The rebranded programmes were launched on May 01, 2019, at a press conference held at the St. Kitts Marriott Resort. The mortgage loans programmes will provide, among other benefits, a boost to the construction sector and services industries, stimulate economic development, provide affordable financing opportunities for citizens of St. Kitts and Nevis who are in the low to middle income category, and promote self-empowerment through home/property ownership.