CIBC unveils competitive package

CIBC Country Manager Nigel Ollivierre

CIBC FirstCaribbean International Bank is making it easier for Grenadians to access mortgage financing at unbeatable rates.

The Bank last week Friday launched its mortgage campaign offer that provides loans at fixed interest rates of 5.99% for three years.

Approved clients will also receive 50% off the commitment fee, pre-approved Visa Credit Card, and Free mobile, Telephone and Internet Banking.

Applications for mortgage loans will be processed and responded to within two to five working days.

The special offer gives successful applicants a range of benefits not currently available from any other bank.

The offer, which began last week, concludes at the end of November and is valid only on new construction or construction already in progress with another financial institution.

The new mortgage on offer will make building more affordable and is also designed to stimulate the economy, through providing a boost to the construction sector.

Country Manager Nigel Ollivierre said that despite the existing economic challenges facing Grenadians, CIBC is doing its part to stimulate the economy by making mortgage financing easier for people who have not been able to qualify for loans.

Finance Minister Nazim Burke congratulated the Bank for its initiative and playing its part in stimulating the economy.

He said that the new rate for mortgage is the lowest in the history of Grenada and will boost a number of sectors in the country, particularly in the area of construction, which has been hard-hit since the global economic downturn in 2008.

In his 2012 Budget presentation, Minister Burke disclosed that the construction sectior declined by 8%, the third consecutive year of decline.

The sector has been seriously challenged which prompted the Tillman Thomas-led Democratic Congress government to slash VAT on cement, lumber, steel and galvanise by 50% in an effort to cushion the effects of rising prices.

Minister Burke stressed that the importance of the construction sector to the local economy cannot be ignored as it provides jobs and is also the driver of goods and services in the country.

He said the global recession affects everyone and therefore it will take the effort of everyone to help, as government cannot do it alone.

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