Good news for low and middle income earners who are looking for a new home as Housing Authority today launched its new home loan package known as ‘Toso Mai’.
The first package called ‘Toso Mai Dua’ is designed for those earning $25,000 and below a year and it is the only home loan package available with a fixed interest rate for the next five years.
The second package known as ‘Toso Mai Rua’ is for those earning $25,000 and above but less than $50,000 a year with an interest rate of 3.95% in the first 12 months and will have a 7.50% variable interest rate thereafter.
There is also a third package called ‘Toso Mai Tolu’ which is designed for existing customers earning below $10,000 a year as the Authority will reduce their interest rate from 7.5% to 5%.
While launching the package this morning, Housing Authority Chairman, Colonel Mosese Tikoitoga said they remain committed to providing affordable, decent and quality housing for all Fijians.
Tikoitoga added they managed to secure a $25 million loan from the Reserve Bank of Fiji to fund the project.
Housing Authority Acting CEO Isikeli Navuda said since 75% of the national population earn below $23,000, they are anticipating an increase in home loan applications following today’s launch.
The loan packages are effective from today and will continue for the next five years.
Story by: Akuila Cama
