A newly introduced zero deposit home loan package by a licensed credit institution in Fiji has the potential to transform the housing market, especially for first-time homebuyers. This innovative offering, praised by Nadi Chamber of Commerce president Dr. Ram Raju, is seen as a significant development that may encourage more individuals to purchase homes rather than rent.
Dr. Raju highlighted the timing of the launch, expressing optimism that the zero-deposit feature combined with attractive interest rates will invigorate the real estate sector. He commended Merchant Finance CEO Veilawa Rereiwasaliwa for creating a solution tailored to the needs of potential homeowners who struggle to save enough for the typical deposit required by conventional banks.
The newly launched home loan package offers an enticing 3.99% fixed rate for five years based on a reducing balance for those earning a combined annual income of $50,000. For higher earners, the package includes a fixed rate of 5.99%, with a variable option at 8.99%.
Dr. Raju believes this initiative marks a pivotal moment in the housing market, potentially changing the lives of first-time buyers and providing them with a more accessible path to homeownership.
This exciting development not only brings hope to those aspiring to own a home but also signifies a positive shift in the market’s accessibility, demonstrating that innovative financial solutions can address the challenges faced by many. By making homeownership more attainable, this could lead to enhanced community stability and growth as families settle into their new homes.
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