If the income of the head of the household is $14,000 or less, you may qualify for an interest rate of 2% to purchase any property valued up to $1,000,000. Special conditions apply.
Features of the 2% facility:
*Normal Lending criteria apply.
The $20,000.00 is included in the total loan amount of persons who qualify for the 2% interest rate. The appliances that can be purchased are refrigerator, stove, washer & dryer. The monies for these appliances will be paid by cheque directly to the store from which you are purchasing the appliances upon execution of your Mortgage Deed.
100% Financing is a benefit given to persons who can qualify for the 2% interest rate. If you do not qualify for the 2% interest rate you will be required to make at least a 5% deposit towards the purchase of your property.
In the event of your untimely passing, TTMF and CUNA Caribbean Insurance provide insurance coverage on the outstanding balance of your mortgage. Learn more about Mortgage Cover®.
An applicant can borrow monies to extend/renovate his/her house at market rate provided the relevant approved plans from Town and Country Planning have been received by TTMF and once the applicant has been approved to borrow the requested amount based on his/her current income and current liabilities.
Under the 2% Mortgage Programme, beneficiaries cannot sell / sublet the subsidized property before the expiration of ten (10) years from the date of financing.