First Caribbean International Bank (Offshore) Limited
If you are buying a property, the First Caribbean International Mortgage is available for up to 70% of the purchase price or of the Bank’s valuation of the property (whichever is lower) and up to 50% if you are building.
Our Offering for St. Lucia is 60% financing for properties costing up to USD$1.5 million exclusive of furnishings. For construction projects (self-builds) financing is limited to 50% financing. For selected developments, a higher LTV may be considered.
For property purchases costing in excess of US 1.5 million, our financing is limited to 50% of cost, exclusive of furnishings.
Mortgages run for up to 15 years and First Caribbean offers internationally competitive rates linked to US prime for amounts up to USD$750,000.00 and 3 month LIBOR for amounts in excess of USD$750,000.00.
Interest rates can be fixed for 3 and 5 year periods.
Our mortgage is normally structured over a maximum 20 year term, or until retirement.
Interest rates are linked to USD 3 month Libor + 3%.
Fixed rate options are also available for up to 5 years.
Interest Only options may be considered, however they are limited to a maximum interest only term of 5 years, thereafter, if a balance is out-standing, it is repayable over the remaining term through payments representing a blend of principal and interest.
Repayments are quarterly for interest rates linked to LIBOR.
You must be an International Banking Centre customer to qualify for a mortgage.
Our International Mortgage offers non-nationals and non-residents an option to finance property purchase in St. Lucia using the said property as security.
Here is a list of our minimum personal account opening and mortgage requirements. Please note that the Bank reserves the right to request additional information / documentation as part of its due diligence and credit analysis policies.
- Minimum mortgage amount USD250,000.00
- Fully completed application form
- Letter of introduction from employer to confirm remuneration, office held and length of employment
- Tax returns for the last three years (full sets)
- Last six (6) months original bank statements, to include evidence of savings
- Original report from your accountant on your assets and liabilities
- Professional valuation of property being purchased (from a valuer approved by the Bank)
- Copy of the signed purchase agreement
- Credit bureau report
- Evidence of the source of funds that will represent your contribution to the proposal
- Last three (3) years audited financial statements, if applicant is a company or owns a company that is the source of individual’s remuneration.
ALIENS LICENSE APPLICATION REQUIREMENTS
Documents required from the Applicant
- Aliens Licence application form duly completed by the Applicant
- Photocopy of passport i.e. date of issue and expiry date
- 4 Passport sized photographs
- A Curriculum Vitae
- 2 Banker’s reference
- A Police Certificate of Good Character from country of origin. (Please note that in order to obtain this clearance, you must request a National Service Authentic Document)
- A set of fingerprints
- A letter of undertaking (not required if there is a building on the property)
- N.B. The Statutory Declaration on the Alien Licence Application Form MUST be executed in the presence of a Justice of the Peace or a Notary Public.
- Alien Landholding Licence receipt (EC$1,500.00 – to be paid by the applicant)
- Map Sheet
- Survey Plan
- Land Register