On 1st July 2020, The National Bank of the Virgin Islands announced in a press release the launch of its 2020 Land Loan Campaign.
The campaign allows for new and existing customers of the bank, once they have qualified, to enjoy 100% financing for terms up to a maximum of 15 years. The campaign makes it easier for potential owners to acquire land and take advantage of the current Government waiver on Stamp Duty.
Chief Executive Officer of National Bank of the Virgin Islands, Mrs. Joy Penn said in a statement “We believe that, now more than ever, customers need an opportunity to realize their dreams of becoming land owners, Loan candidates are examined regularly, and oftentimes they are unable to meet deposit requirements but have sound repayment capacity. With this opportunity for 100% financing, we hope to make their land ownership and eventual home ownership goals a reality”
Discussion is the House of Assembly
In the first phase of the economic stimulus the Government rolled out the waiver of stamp duty for sale or transfer of land to belongers.
On June 19th, in the House of Assembly, representatives debated the Stamp Duty Bill, 2020. Although representatives were in support of the Stamp Duty Bill, which provides for the waiver of stamp duty, many of the representatives voiced their concerns with the initial investment cost that persons will face when buying land.
Although the 4% stamp duty have been waivered, a buyer would still be expected to find 10% of the initial cost of the land.
National Bank steps up
This campaign at the National Bank of the Virgin Islands gives land buyers the opportunity to save on the 10% initial cost, with 100% financing of proposed land purchase, in addition to the saving on the 4% government fees.
The National of the Virgin Islands continues to offer opportunities that serves the people of the Virgin Islands.
Alongside this campaign, successful applicants will have the chance to win a $500 savings deposit at National Bank.