Basseterre, St. Kitts – January 30, 2013 (SIDF) – The Nevis Co-operative Credit Union Limited (NCCU) has recently partnered with the St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF) to access monies under the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Equity Assistance Fund (EAF). The NCCU joins four other financial institutions which have agreed to offer mortgages to Citizens of St. Kitts and Nevis at a fixed interest rate of five percent (5%).
Prospective home owners who are planning to build new residences at a cost not exceeding $500,000.00 may apply for a loan by logging on to the SIDF website www.sknsidf.org to complete the application form and submit it to any of the five Participating Institutions. Once received, the applications will be processed by the Participating Institution(s) which will determine whether the applicant qualifies.
In July of 2012, the lending terms and conditions under the FREESH were made more attractive to borrowers. Until then, the two Participating Institutions were the St. Kitts Nevis Finance Co. Ltd. (FINCO) and the Development Bank of St. Kitts and Nevis. The St. Kitts Co-operative Credit Union Limited and Bank of Nevis joined under the new arrangement. With the NCCU as a participant, Citizens, particularly those residing in Nevis, can now approach another institution for a loan to achieve their goal of owning a house.