Owning your first home

Owning your first home

Owning your first home has never been this easy!

The Government of the Republic of Trinidad and Tobago has revised the Affordable Housing Programme.

If your household income is $14,000 or lower per month, you can now access 2% mortgage financing for properties (HDC or on the Open Market) valued up to TT$1,000,000.

Features of the 2% facility:

• 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 next level of the subsidized mortgage rate of 5% in seven (7) years.
• Property value must not exceed $1,000,000.00
• Landowners can still receive financing up to $1,000,000.00 for construction
• Up to 100% financing, for the Purchase Price for house and land or land with immediate construction of a house, will be offered to those who qualify, as a means of reducing the amount of savings required for the down payment on the property.
• Monthly income of borrower(s) must not exceed $14,000.00
• Maximum repayment term of 30 years*
• Mortgage may be extended to age 70 with a gainfully employed younger family member being the co-borrower
• Inclusive of $20,000.00 approved for major appliances
• Mortgage Cover® is encouraged

*Normal Lending criteria apply.

Persons whose income ranges between $14,001 and $30,000 per month, can access 5% mortgage financing for properties valued up to $1.5 Million.

The terms and conditions are outlined below:

• A 5% mortgage interest rate will be applicable to first-time homeowners only, for the 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.
• 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.
• 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.
• The maximum term of the loan will be 30 years up to age 70.
• 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.
• The legal provision in the mortgage documents requires 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.