If your household income is $8,000 or less, you may qualify for an interest rate of 2% to purchase a home from the Trinidad and Tobago Housing Development Corporation (HDC), Tobago House of Assembly (THA) or Estate Management & Business Development Company Limited (EMBD).
If your income is over $8,000, you will receive an interest rate between 6% - 8%, based on the value of the property. Criteria for the 2% facility:
- No Down Payment. We offer 100% financing of the Purchase Price
- Properties must be purchased from the HDC, THA or EMBD
- Household monthly Income must not exceed $8,000.00
- Property value must not exceed $450,000.00
- Maximum Repayment Term of 25 years*
- Mortgage may be extended to age 70
- Additional Loan of $15,000.00 approved for major Appliances
- Mortgage Cover® is encouraged
*The maximum repayment term for persons taking a mortgage between 6% - 8% is 30 years to age 60 or age of retirement. Lending criteria apply.
$15,000.00 Appliances Stipend
The $15,000.00 is a benefit given to persons who can 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
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.
Mortgage Cover
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®.
Other Questions
Can I borrow monies to extend/renovate my house?
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.
Can I rent out the property?
Under the 2% Mortgage Programme, the property is to be owner-occupied for the duration of the mortgage and not rented out to anyone.
