The Expanded Affordable Housing Financing Regime, will cater to the needs of the middle and lower middle income families and persons. Special conditions apply. The terms and conditions are outlined below:
- i. A 5% mortgage interest rate will be applicable to first time home owners only, for purchase of house and land or land with immediate construction of a house for properties valued up to $1.5 Million; recipients of funding under the 2% Financing Regime would not be eligible for funding under the 5% programme.
- ii. The household income will reflect the incomes of the heads of the household, excluding the incomes of other parties in the household, and must not exceed $30,000.
- iii. 95% financing will be offered to those who qualify, as a means of reducing the amount of savings required for the down payment on the property.
- iv. The maximum term of the loan will be 30 years up to age 70.
- v. A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years.
- vi. The legal provision in the mortgage documents require that beneficiaries of newly built Government-financed properties cannot sell or sublet the subsidized property before the expiration of ten (10) years from the date of financing.
- Mortgage Cover® is encouraged
*Normal lending criteria apply.
This form only accepts DIGITS, no decimal points or commas necessary. These calculators generate estimated figures.