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(CNS): The Cayman Islands Development Bank (CIDB) has begun lending money to Caymanians to buy their own homes at 3.75% interest. These low mortgage rates on 30-year loans for qualified borrowers, significantly below the current prime rate, are fixed for two years and government hopes it will help more local people get onto the property ladder. With $15 million available for the programme, the bank can provide loans of up to CI$600,000 for each borrower to buy or refinance a home.
This offer was announced in the last meeting of Parliament and has attracted significant interest among prospective borrowers, according to a press release about the loans. CIDB Board Chairman Mark Scotland explained that the focus is on providing two-year terms with fixed rates to assist Caymanian families that are contending with inflation and the possible threat of foreclosure.
“Within two weeks of launch, the bank already had $3 million in its pipeline under consideration and this…
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