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Home Construction Assistance Facility launched in Region 6
– dozens registered and pre-qualified on the spot
By Malisa Playter-Harry
Minister Collin Croal interacting with housing staffers
Kaieteur News – Through the Ministry of Housing and Water’s Central Housing and Planning Authority (CH&PA), the Home Construction Assistance Facility Programme was on Tuesday launched in Region Six – in the compound of the Regional Democratic Council in New Amsterdam and at the Classic Hotel boardroom in Skeldon.
Following the launch, which is the third in the country, thus far, dozens of individuals became eligible for financial support from banking institutions partnering with the ministry for the programme. The pre-qualification was done on the spot at the locations where hundreds turned up to access the service.
Minister of Housing and Water, Collin Croal, while addressing those who turned up, stated that the initiative which was crafted by President Irfaan Ali was done in an effort to assist in reducing the financial burden currently faced by people in the region and countrywide, “in a sense of being unable to access loans for one reason or another.”
On May 16, 2022, President Ali announced the initiative and also mentioned that there will be a removal of VAT on specific construction material.
Through the programme, individuals, who have been allocated a house lot by the government or would have inherited their land, are eligible to apply to Republic Bank Limited and the New Building Society (NBS) – the banks that are partnering with the government on the initiative – by providing their land titles or proof of ownership documents.
A section of individuals who came out with their documents in hopes of qualifying for the Home Construction Assistance Facility Programme
Added to this, the minister said, “You obviously have to have your job letter and pay slip so that we can ascertain your income and if you are married, you must walk with your marriage certificate so our partnership with the bank for approval will be making it easier for you, less tedious and on the spot approval process. Once you have all your documentation, once you satisfy the checklist, on the spot, the bank will be able to pre-qualify you.”
Minister Croal further noted that with the services the programme offers, financial hurdles such as the requirement to pay down a percentage to the bank in order for one to start off the bank process will not be necessary. Instead, the land owned by the individual will be used as equity by the banking institutions so that the prospective homeowner can qualify for the loan.
“The difference here is that while you also have to satisfy your ownership of the land, is that the land can be used as equity. So in essence, the land will be used by the bank; that is your safety net, the ministry through CH&PA will suffice as the guarantor and with that initial sum, you have to find, can be put now towards the full loan,” Croal explained.
Currently, the programme offers three house models within the price range of $7M, $9M and $12M. Applicants, it was revealed too, will be given the opportunity to see the designs and based on their income, the most appropriate will be chosen.
“Although you may aspire for the $12M, the fact remains that your circumstances may not qualify you for that, you still have an option of the $9M and the $7M so think wisely in terms of what you would like for yourself,” the minister advised.
A total of 25 registrations were done on Tuesday in New Amsterdam with seven persons pre-qualifying for loans at NBS to kick off their home building and ownership process. Dozens more were registered and pre-qualified in Skeldon as well.
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