Merchant Finance Limited has launched a zero-deposit home loan package aimed at first-time home buyers, sparking significant interest from the community. Dr. Ram Raju, president of the Nadi Chamber of Commerce and Industry (NCCI), praised this initiative, recognizing its potential to transform the real estate landscape.
Dr. Raju emphasized that this zero-deposit home loan, coupled with an appealing interest rate based on a reducing balance, arrives at a crucial moment for many aspiring homeowners. He commended Merchant Finance’s CEO, Veilawa Rereiwasaliwa, for innovating solutions that align with the real needs of individuals seeking to transition from renting to owning.
Mr. Rereiwasaliwa pointed out the common challenge people face when trying to save the minimum deposit required by commercial banks for securing a home loan. Often, by the time individuals have scraped together enough savings, property prices have surged beyond their reach. Dr. Raju is optimistic that this new loan structure represents a significant turning point, urging potential homeowners to seize this opportunity.
The package offers an enticing fixed interest rate of 3.99% for those whose combined income is below $50,000, and 5.99% for those earning above that threshold, with a variable rate option at 8.99%. Such financial flexibility is expected to generate positive ripples throughout the housing market and improve the lives of first-time buyers.
Realtor Paula Benn expressed enthusiasm to collaborate with Merchant Finance on this initiative, highlighting its role in enhancing access to homeownership, especially for young professionals. She believes this program removes the substantial barrier of needing a hefty deposit while positioning young professionals to invest in their futures and gain equity.
Overall, this initiative not only aims to facilitate individual homeownership but also anticipates contributing to local economic growth, especially in light of population migration trends affecting Fiji.
In summary, Merchant Finance’s zero-deposit home loan package is set to ignite excitement within the real estate sector while heralding a new era of accessibility for first-time buyers. This timely and innovative approach reflects a keen understanding of the challenges many face, ultimately fostering community development and economic vitality.
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