This new facility enables investors in the Co-operative Investment Fund to have the opportunity to own their own home in a relatively short time-period and in a most cost-effective manner.
- Members are being encouraged to invest in the Fund
- On reaching $25,000.00 for Low Income Earners or $35,000.00 for Middle Income Earners, qualified members are allowed to choose one lot from the areas being developed at the time as well as given the opportunity to view the proposed plans
- The member continues to contribute to the Fund as much as possible for the next six
months which is the time allotted for the construction of the house
- On completion of the construction the member is then able to secure a mortgage from the institution of his or her choice
- The amount of the mortgage required would be the difference between what was
deposited and the cost of construction
- Having a well-constructed house as well as deposits in excess of 10% of the cost of construction should be more than enough to enable the member to access a reasonable mortgage
- Everyone benefits as a result of this arrangement
It is intended to introduce a new approach to investing by providing the opportunity to all Barbadians to make a contribution to investing activities on the island. In a country where 90% of the financial services industry is foreign owned, and once locally owned corporations have been taken over by outside interests, major decisions are now being made offshore.
This situation is accompanied by an investment climate that is emphasizing ‘sell’ Barbados at any price. We as an independent people must seek an alternative. The Co-operative Investment Fund provides a viable alternative.