A newly launched home loan package offering zero deposits has been unveiled by a licensed credit institution in Fiji, promising significant advantages for first-time homebuyers and setting the stage for transformative changes in the country’s housing market. Dr. Ram Raju, president of the Nadi Chamber of Commerce, praised Merchant Finance for this initiative, which is designed to assist those looking to purchase a home rather than rent.
Dr. Raju highlighted the timely introduction of this zero-deposit loan option, featuring competitive interest rates calculated on a reducing balance basis. He expressed optimism that this package would notably invigorate the real estate sector and alter the dynamics of the housing market in Fiji.
Merchant Finance’s CEO, Veilawa Rereiwasaliwa, explained that this loan is particularly aimed at recent graduates beginning their careers, new families, and renters who may struggle to gather the necessary deposits typically required by commercial banks. The loan terms include a fixed interest rate of 3.99% for five years for those earning a combined annual income of $50,000, with a higher fixed rate of 5.99% available for individuals or families earning $50,000 or more.
Dr. Raju emphasized the profound impact this offer could have on the housing landscape and on the lives of individuals seeking homeownership for the first time.
The introduction of this zero deposit home loan package represents a significant step forward in making homeownership more accessible to many people in Fiji, fostering a sense of stability and community.
In summary, the new home loan package from Merchant Finance could potentially reshape the housing market in Fiji, making it easier for first-time homeowners to transition from renting to owning their own homes. The positive reception from local business leaders underscores the potential impact of such financial innovations on the aspirations of numerous individuals and families.
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