AID Bank offers homeowners Mortgage Blast

by: Dominica Vibes News - February 5, 2018
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Acting General Manager of the AID Bank, Matilda John (file photo)

The Dominica Agricultural and Industrial Development (AID) Bank has launched another new line of credit.

Acting General Manager of the AID Bank, Matilda John Rose said the bank’s strategies were reviewed to stimulate demand in the productive sectors in light of the demand created post hurricane Maria.

Under the AID Bank’s Mortgage Portfolio, they are now offering a mortgage blast which will cater to new and existing customers desirous of funding for home improvement and new construction.

“So we will offer to you a fixed interest rate of 5.99 percent for the next three months. If you are desirous of adding to your mortgage any renewable energy or energy efficient component, that’s also at 5.99 percent,” John Rose stated.

She said this is offered to clients with no down payment necessary, in addition to a grace period.

“All this will be at a zero percent down payment, so you are required to pay no deposit on your mortgage facility whether it is on home improvement or new construction. You get a grace period on your principle payment during the construction period and we offer to you technical support,” she noted.

The AID Bank she said supervises ongoing projects and therefore these construction works will be supervised.

“So during the construction period, we will be visiting your project to ensure that it is in keeping with the standards, and to ensure that we provide any necessary support to you during the construction period. We will give you advice as it relates to who you want to go to, who you want to seek advice from so that you can build your house in keeping with the appropriate standards,” she said.