BASSETERRE, St. Kitts, November 3, 2023 (SKNIS) – Prime Minister the Honourable Dr. Terrance Drew says his Government welcomes the launch of the St. Kitts-Nevis-Anguilla National Bank’s newest home mortgage financing scheme, OWN.
The OWN Home Mortgage, the fourth in a suite of mortgage products offered by the financial institution, was unveiled during a launch and expo held at Independence Square on Friday, November 3, 2023. It followed the earlier launch of Switch, Apex and the WOW mortgage products.
Prime Minister Dr. Drew, who also serves as the Minister of Finance in the Federal Government of St. Kitts and Nevis, said this initiative by the National Bank aligns perfectly with the Government’s mandate of transforming the Federation into a Sustainable Island State.
He said, “In creating a Sustainable Island State it is important that our people are given the opportunity to build wealth, and one of the ways of building wealth is to have real estate, to own your own home and therefore, this is part of the thrust to create a Sustainable Island State.”
As a small island developing state, St. Kitts and Nevis is prone to the effects of damaging effects of climate change. It is against this backdrop that Prime Minister Dr. Drew urged potential and future recipients of this mortgage loan to look towards the application of smart technology in building climate-resilient homes.
“Homes that can withstand category five hurricanes, homes that can withstand changes of climate change, homes of course that are durable, sustainable and at the same time as eco-friendly as possible,” the prime minister said.
Prime Minister Dr. Drew applauded the St. Kitts-Nevis-Anguilla National Bank for making these affordable options in homeownership available to the citizens and residents of the Federation.
He said, “When you listen to the interest rate that is offered, it is very competitive, not only in St. Kitts and Nevis, but across the region, and very few places in the world can offer a mortgage at such a competitive rate and so National Bank must be applauded for that type of work.”
The OWN Home Mortgage, described by bank officials as the premier offering in the National Bank HOME Mortgage suite of products, is open to residents who are desirous of building or purchasing a new home. Persons can access loans of up to $1 million at the affordable interest rate of 3.99 percent per annum with up to 40 years repayment terms.