CIBC First Caribbean International Bank has launched a new mortgage package which offers a 5.99 percent interest rate for first time home owners.
This promotion which will run from September 18, 2012 to November 30, 2012 was launched on Tuesday morning at a CIBC First Caribbean International Bank press conference.
The interest rate is fixed for three years for new construction or construction already in progress. The loan will attract a rate of 6.99 percent during the construction phase which is limited to 12 months. Customers will also receive 50 percent off the commitment fee, a pre-approved CIBC First Caribbean International Bank Visa credit card or debit card and free mobile telephone and internet banking. It is valid only on new construction or construction already in progress.
Operations and Retail Manager at CIBC Marie-Therese Winston- Charles described the package as exciting and competitive.
“We expect that with this offer we will play our part in efforts across various sectors of our country at stimulating the economy through providing a boost to the construction sector,” she said.
According to her, the bank hopes to stimulate the construction industry and provide assistance to land developers. It also aims to facilitate those citizens thinking of an investment in a home for the first time particularly those who would not have qualified for a mortgage before. “We are also thrilled about what this initiative means particularly for the considerable workforce within the construction sector,” Winston-Charles said.
Country Manager Paul Frampton said he hopes that this mortgage campaign will boost the number of mortgages at the bank. He revealed that the number of mortgages in comparison to last year has dwindled and mortgages account for 45 percent of the bank’s revenue.
Frampton said he hopes that this offer will encourage persons to move their mortgages to CIBC First Caribbean.
Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.