The Dominica Agricultural, Industry and Development Bank has announced two special facilities that the bank will seek to use to further develop and enrich the lives of Dominicans in the housing and education sectors.
The facilities are aimed to grant individuals earning $2,500 per month or less or families earning $4,000 per month or less the funding to procure lands and construct homes, as well as assist at-risk and under-privileged youth with promise and who display good academic performance.
Special Projects/Communications Coordinator Josephine Titre said, “These persons will benefit from a special mortgage facility for new constructions. Persons who want to build but do not yet have the land can also benefit from this facility. Funds are available for these persons to purchase a service lot on-island at a maximum of $40,000 and for the construction of houses of $250,000. With regard to the housing facility, beneficiaries will have a maximum of 20 years to repay their loan and with respect to the service lot, six. The most important thing about the facility is that the loan is concessionary; it’s at 5 percent.”
She continued, “We have a special student loan facility and the beneficiaries of these are persons who are in vulnerable groups. For example, there may be a promising child in a family where the parents are disabled and not able to work and send them to school. They can benefit from this facility. There are households where the families and the children receive social assistance or assistance from Government and so, they are entitled to apply for this as well.”
Titre further pointed out that while security is not an absolute necessity, there are certain constraints those applicants out to be aware of and bear in mind when seeking to benefit from these funds.
“The child should have attained a good academic standing, with exam results approved by the Ministry of Education and accepted at an approved educational institution, acceptable to the Bank’s Student Loan Advisory Committee. The applicants do not necessarily have to have any security,” she stated.
Aid bank the interest rate amount sounds reasonable if it’s 5 percent but why can’t it be reducing balance and not compound (fixed) ? It’s ridiculous for anyone to take a huge loan with a fixed interest rate. Change the method of interest calculations against morgage loans. A morgage is a life time comittment.
Opportunities! There are more opportunities today than yesterday. But citizens be smart. Don’t bite more than you can chew!
Dominica needs a credit system developed that would determine accross the board on a point system once’s credit potential.
Anyone want take this idea and run? These’s an opportunity here!!!
i want to know am 45years old can i be part of this loan?
It’s a sad situation for those middle and low income families in Dominica.
Even with property you spend all your savings to register and then evaluate the bank asks for co maker and guess what?
Yup – they say the comaker salary is too low so even if you have property still no loan.
Source: FCIB, NCCU, NBD, AID BANK
If you not earning 2500ec monthly and have property valued at more than 150000ec dollars you fork a duck
Our banking system should be one to be followed instead of going the same conventional way allowing for top heavy management and misery at the bottom(the people).
Imagine a student loan will only be annually disbursed when they are paid monthly…legalised rip off.
This doesnt include interest.
Why cant our banks invest in manufacturing and marketing to improve the employment situation here?
We remain grateful for the facility and wish the bank well.
Thank you AID Bank. I owe it all to you.
@ Food for thought – then if your family’s salary is $4,000 or less then settle for a smaller mortgage premium and when your salaries have increase you will add to your home!!
I said I am above the limit so i do not qualify for the 5%…but even at 5% its a stretch.
getting that mortgage is not as easy as it sounds…. AID bank is there for the reach and not the poor…. they make it sound so easy and sill yet when u go to them they give u another story and u still cant afford the loan even if ur salary is below 2500 and they still want to tell u the amount you can receive with ur salary
Taking a student loan at Aid Bank is the biggest mistake any young person can ever make!!! Trust me I’m regretting.
Not even to buy a Pal bubble gum, I will go there for a loan.
I agree with you 110%. Had my student loan with AID bank, and it was hell, maybe would never paid it off in this life time…..transfered to RCCU, and my God what a difference….wish I had done this years ago
As a young man who is barely above the limit to recieve the “favorable” mortgage rate of 5% i would just like to make a suggestions to the financial institutions on island.
Have you ever thought of lowering the mortgage rate which will then give you a broader base of applicants for mortgage? Which in turn will bring more return to yr institution in terms of revenue from interest????
Anyways if my household is making $4000 and i take this mortgage at 5% for 20yrs i will be paying monthly $1,649.89 which leaves me with $2,350.11 monthly to support a family.This is without consideration for utilities,vehicle maintainance and/ loan,groceries, school expenses, etc. This is the income i am going to have for the next 20 years and with the rise in inflation…
And after the 20 years i would have paid you back in interest $145,973.44 on a $250,000 loan a total of $395,973.44.
Anyways Happy 40th Anniversary
thats true happy independence is all i would say to but there plans are not for the POOOR
The state should provide for the poor based on what the state can afford. Poor people do not have a right to own a house. That was part of what got the US in such a mess, people who got into home ownership without the resources to back it up.
So what interest rate do you consider reasonable? If you take a lone over a long term, that is the way it works. You pay a lot of money in interest payments. What you need to consider is a $1649 payment may be a strain on your budget today, but in 10 years, it becomes much easlier for you to handle (assuming your income is rising).
If you are interested in getting into the housing market, this is your opportunity. Take it, if you can afford it. You will be happy you did 20 years from now. Don’t always look at these thing negatively. Look at the alternative and make your decision.
Oops…loan (not lone)
students interets loans were given in the past like loan sharks would…HIGH INTEREST RATES….I CAN’t SEE AN END TO MY TUNNEL!!
Do a debt consolidation with NCCU and pay off yr student loan then you will pay off that loan at a much better interest rate. Happened to me too!!
are you serious they let me take a loan of $16000 for uwi and treat it as any other loan at 9%. they need to look at the interest rates for housing and take single parents ino concideration who wants to own a property maybe you all could add more years or something.