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Available Mortgage for Dominicans
The Agricultural Development Bank of Dominica will in the next two weeks provide access to a mortgage product for first time home buyers in Dominica.
The bank has over the past two years offered loans to low income earners as part of government’s housing program.
Prime Minister Skerrit in an earlier announcement said that government would provide housing loans to middle income earners under the program through the Bank.
Chairman of the AIB Bank Ambrose Sylvester, says the Graduated Payment Mortgage (GPM) program, will allow for low monthly payments at start, and will seek to enable more families to own homes sooner.
According to Sylvester, an initial payment would be used to qualify borrowers who, over a period of about five to 15 years, would make increased monthly payments according to a predetermined percentage.
Sylvester says the introduction of the graduated payment mortgage program as a new product offering by the bank will compliment the housing thrust by the government of Dominica to make housing more affordable to a greater number of Dominicans
Another special housing facility offered by the AID bank provides 1 million dollars for home improvement for senior citizens who are close to retirement.
