SKNANB PROVIDING OPPORTUNITIES FOR GRADUATES TO OWN A HOME

Basseterre, St. Kitts, June 12, 2019 (SKNIS): The St. Kitts-Nevis-Anguilla National Bank Ltd. (SKNANB), through its Graduate Realizing and Achieving their Dreams (GRAD) Loan programme, is giving citizens who have graduated from college or university, within the last ten years, the opportunity to refinance their student loan and acquire or construct a home with an additional option to purchase a vehicle.

“We are especially proud of the National GRAD Programme because we ask the students of the Federation to do well in school, go off to college, obtain good grades, come back and start a career that allows them to contribute positively to our community,” said Anthony Morton, Executive Manager Marketing at SKNANB, who appeared on the radio-television programme “Working for You” on June 12.

“However, with accomplishing these things, it is saddled, unfortunately, with debt. I have heard persons complain about having to pay for student loans and thinking that it will never go away, but with the National GRAD we are here to provide you with up to $650,000 with no down payment to input if you don’t want to, to borrow up to that amount at a 6 percent interest rate,” Mr. Morton said.

Mr. Morton noted that even if the individual has obtained items on higher purchase or purchased a car, they will be able to consolidate everything with the GRAD loan and have one payment per month at a 6 percent rate per annum.

“I know there are persons paying $30,000 thinking that this thing is not going away and they may be paying another $20,000 on a vehicle. So that’s a total of $50,000. You can have those two things amalgamated and still borrow 550,000 to build your home. So you add that to the portion to build your home and it’s still within $650,000 at 6 percent,” said Mr. Morton.

Although the main focus of the loan is to build a house, says the executive marketing manager, persons can also purchase a vehicle within a reasonable price range.

Student loans to be refinanced must not be over $120,000, says Paula Morton, Officer in Charge of the Credit Division.

“There is no input for the National GRAD, however, there are some caveats,” she said. You are bringing over the student loan unsecured for the most part, so your value in the transaction would be the value of the house, the value of the land and any equity you would have acquired from applying for the savings exemption on the materials. So we have a limit on the size of the student loan, which is $120,000.”

She added that in this instance, the graduates will receive money for the expenses including legal fees, loan fees and other expenses that the consolidation portion unsecured.

“So there is a cap on the unsecured portion. It can’t be more than 25 percent of the debt,” said Mrs. Morton. “The lending to a single individual will not be more than 25 percent unsecured of the entire loan.”

For more information, interested persons can contact the National Bank Credit Division at 869-465-2204 ext. 1207 at the head office in Basseterre, ext. 1156 at the Pelican Mall Branch, ext. 4122 at the Sandy Point Branch and 469-5244 ext. 3126 or 3133 in Nevis.