In his 2024/25 Budget Address, Prime Minister and Minister for Finance Hon. Philip J. Pierre pledged to enhance homeownership opportunities for families in Saint Lucia.
On September 10, 2024, he secured Parliament’s approval for a $20 million loan guarantee from the National Insurance Corporation (NIC) to the Saint Lucia Development Bank (SLDB) to support this initiative.
This $20 million loan facility will provide support to eligible public servants by offering 100% loan financing through the SLDB, allowing them to receive the full amount needed to purchase a home without requiring a down payment.
In addition, public servants will benefit from a $1,000 grant to assist with legal fees and a waiver of stamp duties on the first $400,000 of their residential loans.
Private sector borrowers who meet the eligibility criteria will also have access to this loan facility and will benefit from the waiver of stamp duties on the first $400,000 of their residential loans.
This initiative is part of a broader strategy by the Government of Saint Lucia to address housing needs. The government’s commitment to improving housing access remains a key focus in promoting a more equitable and thriving nation.
A video clip of the Prime Minister’s remarks during the tabling of the motion for the loan guarantee is provided below. An infographic is attached for ease of reference.
