SUNBIZ

HFC Bank Approves Loans to 133 First Time Home Owners

HFC Bank in 2014 became the first bank in the country to approve a homeownership grant loan in support of Government’s bid to have more homeowners in the country.
16 Aug 2019 18:08
HFC Bank Approves Loans to 133 First Time Home Owners
HFC Bank chief executive officer Rakesh Ram

With the introduction of the Government Grant Housing Scheme in 2014, HFC Bank has approved loans to 133 first homeowners.

This was confirmed by the chief executive officer of HFC Bank, Rakesh Ram in an interview.

Mr Ram said the total value of loans disbursed under the Government Grant Housing Scheme is $12,908,278

“Further to that, the Ministry of Housing has credited $1,250,000 of grant funds towards these loans,” he said.

HFC Bank in 2014 became the first bank in the country to approve a homeownership grant loan in support of Government’s bid to have more homeowners in the country.

HFC had merged its Home Loan Product with the Government grant so that it would be suitable for the people of Fiji.

First Home Purchase Programme

In the 2018-19 Budget, Government detailed the First Home Purchase programme, effective from 1 August 2018, which aims to widen the pool of affordable housing on the market throughout Fiji.

The programme, along with other housing- and lease-related initiatives in the 2018-19 Budget will put the dream of homeownership within reach for thousands more Fijian families.

Further, the Government encourages real estate developers to seize the opportunity of the increased demand that will be sparked by the programme’s expansion.

Through this initiative, multifamily housing complexes (with approved strata titling) will see prices subsidised, creating a lucrative investment opportunity for developers.

To be eligible, applicants must meet all of the following requirements:

  • be a Fijian citizen residing in Fiji;
  • be 18 years of age or above;
  • have an annual household income of $100,000 or less;
  • have never previously purchased or owned a home in Fiji; and
  • either: o meet the financial institution’s loan criteria; or o meet FNPF homebuilding criteria under the Village/Mataqali Scheme.

First Land Purchase Programme The First Land Purchase programme aims to widen the pool of affordable housing on the market throughout Fiji by the provision of grants to eligible applicants of up to $10,000 for formal lease purchases.

The programme, along with other housing- and lease-related initiatives in the 2018-19 Budget will put the dream of homeownership within reach for thousands more Fijian families.

To be eligible, applicants must meet all of the following requirements:

  • be a Fijian citizen residing in Fiji;
  • be 18 years of age or above;
  • have not previously held a residential lease or owned residential land in Fiji;
  • and have an annual household income of $50,000 or less..

Feedbackmaraia.vula@fijisun.com.fj

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: