The Government of Fiji has taken steps to write-off the mortgage loans of another 27 homeowners under its ‘Social Housing Policy.’
Housing Authority Chief Executive Alipate Naiorosui said that a total of $260,000 is being written off for the 27 homeowners, 15 of them from the Central Division and 12 from the Western Division.
Prime Minister Commodore Frank Bainimarama launched the Social Housing Policy in March 2011 to provide direct assistance to Fijian families that were at the risk of losing their homes due to retirement, medical reasons or unemployment.
Since then, 163 home loan accounts have been written off, including the latest round, covering the country.
“As a homeowner, if you have paid over one and a half times the principal loan amount, it is important that you speak with a Housing Authority lending staff to have an assessment carried out to determine if you qualify for financial assistance,” Mr Naiorosui said..
Through the Government grant, the Housing Authority will ensure that the Social Housing Policy is applicable to homeowners who meet the strict criteria that is in place to support existing customers who are facing genuine financial difficulties.
The Policy initially required homeowners qualifying for the write-off to have repaid a minimum amount of the principal loan.
The minimum amount was later reduced.
Mr Naiorosui said that the Government had allocated $2.5 million for the write-off and that about $800,000 have been utilised for the write-off until May 2012.
“We will use the balance amount during the year to help affected families. In order to ensure that there is no misuse, beneficiaries selling their property within the next ten years would be obliged to repay to the Housing Authority the amount received as relief. They may also be barred from receiving further loans for ten years,” he said.
