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SIDF FREESH Mortgage Guidelines
Guidelines for processing applications under FREESH and EAF

    CRITERIA FOR QUALIFICATION

     

    • Only citizens of St. Kitts and Nevis shall qualify for funding under the FREESH and the *EAF.
    • Only residential mortgages shall qualify for funding under the FREESH and the EAF.
    • Only persons undertaking residential home construction (whether new or ongoing) shall be eligible for funding under the FREESH, and where applicable, under the EAF. For the avoidance of doubt, persons carrying out extensions, upgrading, re-modeling, repairing or similar activities on existing residential premises shall not be eligible for funding. Further, persons must not have existing mortgages in relation to the applicable residential property.
    • Only loans up to EC$500,000.00 shall qualify under the FREESH and the EAF. This figure may include the cost of land and any legal fees.
    • The interest rate shall be fixed at 5% per annum for the duration of the mortgage.
    • Debt consolidation is allowed but the outstanding debt shall not exceed 5% of the mortgage.
    • Outstanding land amount may be considered part of the loan.
    • If the applicant already owns a house which he/she occupies, the new property shall not be used for commercial purposes.
    • The amount must bring the project to full completion.
    • The property being built must be occupied by the owner.

     

       *Equity Assistance Fund

     

    SUBMISSION OF APPLICATIONS

     

    • All applications must be submitted through the SIDF website. Only applications received through the SIDF website will be processed.
    • Applicants will be required to complete the Pre-Qualify Check before proceeding to the application form.
    • Applicants will receive an automatic acknowledgement of application.

     

    DUE DILIGENCE PROCESS

     

    • The usual due diligence procedure that obtains for residential mortgages shall be conducted.
    • SKNANB must receive proof that applicants are citizens of St. Kitts and Nevis.

  I Agree to the terms, conditions and procedures outlined above that govern this process.  
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St. Kitts & Nevis Sugar Industry Diversification Foundation,
Unit C 21, The Sands Complex, Bay Road, P.O. Box 1163, Basseterre, St. Kitts W.I. Tel: (869) 465-3750
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