Nevisians Urged to Apply for SIDF Home Mortgage Loans

The fund allows for potential homeowners to apply for up to EC$500,000.00 at a fixed rate of 5% for a residential home.

The new initiative will be facilitated through FREESH – a ten million (EC$10, 000,000) Fund created by the SIDF for the realization of Economic Empowerment through subsidized housing. The SIDF has also provided an additional sum of one million dollars (EC$1,000,000) under the Equity Assistance Fund (EAF) to provide equity assistance for mortgages that qualify for funding under the FREESH. The EAF would help to remove the barrier to accessing residential mortgages, particularly for those applicants who may have difficulty in making the down payment, said a government release.

A special exposition has been organized in Nevis for Wednesday 25th July, at Occasions Events Centre, at which time all relevant information will be provided to those in attendance. It will run from 1:00pm-6:00pm.

Those expected to be involved include contractors, architects, building materials suppliers, and other service providers in the home construction sector.

One of other objective of the program is to stimulate activity in the construction sector, which is traditionally a major contributor to the island’s economic performance. A similar event will be held in St. Kitts.

Premier of Nevis, Joseph Parry, who supports the program, has called on islanders to take advantage of the offer.

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