A local licensed credit institution has introduced a zero deposit home loan package that is being hailed as a transformative opportunity for aspiring first-time homeowners in Fiji. Nadi Chamber of Commerce President Dr. Ram Raju highlighted the significance of this new offer, stating that it has the potential to greatly impact the housing market positively.
Dr. Raju expressed his optimism regarding the zero-deposit loan, which comes with an attractive interest rate based on a reducing balance. He noted that the timing of this initiative is particularly fortuitous, suggesting it could significantly invigorate the market and provide much-needed assistance to those looking to purchase a home.
Merchant Finance’s CEO, Veilawa Rereiwasaliwa, emphasized that this package is designed specifically for individuals who have recently entered the workforce, newly formed families, and renters looking to invest in their own property without the burden of a deposit, which is typically required by commercial banks.
The loan package offers a fixed interest rate of 3.99% for five years for those with a combined annual income of $50,000, while a higher rate of 5.99% is available for those earning $50,000 or more, with a variable rate at 8.99%. Dr. Raju believes this initiative could represent a significant turning point in the housing market and the lives of first-time homebuyers, allowing many to realize their dreams of homeownership.
This initiative is indicative of a growing trend in financial services to support first-time buyers, which can lead to enhanced community stability and individual empowerment. As more institutions recognize the barriers to homeownership, innovative solutions like this zero deposit loan could pave the way for a more inclusive housing market in Fiji.
Overall, this development brings a hopeful message for those looking to own a home, showcasing that financial institutions are responsive to the needs of the community and are committed to fostering positive change.
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