The Fiji Development Bank (FDB) has launched a new financial product, the Choice Home Loan, specifically designed for non-salaried Fijians who can provide documented proof of income. This initiative aims to support individuals such as farmers, market vendors, and small business owners, enabling them to secure housing financing.
According to FDB Chief Executive Filimone Waqabaca, the application process is straightforward for salaried workers, as their income can be easily verified through payslips. For non-salaried individuals, however, applicants will need to demonstrate their income through alternative means, such as bank statements that reflect savings accumulated from their sales. This approach allows the bank to recognize the income streams of those who may not receive regular salaries.
The Choice Home Loan offers flexibility in borrowing amounts, with unsecured loans available up to $250,000 and secured loans extending to $500,000. Waqabaca emphasizes that the primary goal of this loan product is to alleviate financial burdens and promote homeownership among Fijians, irrespective of their income source.
This initiative is part of the bank’s broader strategy to enhance housing accessibility for all Fijian income earners, paving the way for greater financial inclusion and security. As the demand for affordable housing grows, such measures are crucial in supporting the diverse needs of the population.
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