RANOBA BAOA
SUVA
HFC Bank has become the first bank in the country to approve a homeownership grant loan in support of Government’s bid to have more home owners in the country.
HFC merged its Home Loan Product with the Government grant so that it would be suitable for the people of Fiji, the bank said.
Super Dream Government Grant Package was made available to the public the past two weeks and has been receiving a lot of enquiries.
Attorney-General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum announced this during the launch of the Westpac Prime Minister’s Exporter of the Year Awards on Tuesday.
The first application has been approved is through HFC, Mr Sayed-Khaiyum said.
Upendra Goundar was provided the first approval under the scheme.
HFC chief executive, Isikeli Tikoduadua said in a statement the application processed the past two weeks was given to the Ministry of Housing and received an almost immediate approval.
“This product is very unique with equity of just 10 per cent and the grant can be used as equity” he said.
“The interest rate is 4.25 per cent fixed for 12 months and 6.7 per cent variable and in addition, the maximum term of the loan is 30 years.
“HFC Bank also has discounted the establishment fee by 25 per cent to all first home loan borrowers and there is no monthly service fee to this loan package.”
This grant was announced last year during the 2014 National Budget announcements by the Prime Minister Rear Admiral (Ret) Voreqe Bainimarama.
Under this allocation, a grant of $10,000 will be available for building a home and a grant of $5,000 will be available for buying a home.
The programme would be means tested and will run on a first-come, first-serve basis.
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