The Government of the Republic of Trinidad and Tobago has revised the Affordable Housing Programme.

If your household income is $14,000 or lower per month, you can now access 2% mortgage financing for properties (HDC or on the Open Market) valued up to TT$1,000,000.

Features of the 2% facility:

• A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the next level of the subsidized mortgage rate of 5% in seven (7) years.
• Property value must not exceed $1,000,000.00
• Landowners can still receive financing up to $1,000,000.00 for construction
• Up to 100% financing, for the Purchase Price for house and land or land with immediate construction of a house, will be offered to those who qualify, as a means of reducing the amount of savings required for the down payment on the property.
• Monthly income of borrower(s) must not exceed $14,000.00
• Maximum repayment term of 30 years*
• Mortgage may be extended to age 70 with a gainfully employed younger family member being the co-borrower
• Inclusive of $20,000.00 approved for major appliances
• Mortgage Cover® is encouraged

*Normal Lending criteria apply.

Persons whose income ranges between $14,001 and $30,000 per month, can access 5% mortgage financing for properties valued up to $1.5 Million.

The terms and conditions are outlined below:

• A 5% mortgage interest rate will be applicable to first-time homeowners only, for the purchase of house and land or land with immediate construction of a house for properties valued up to $1.5 Million; recipients of funding under the 2% Financing Regime would not be eligible for funding under the 5% programme.
• The household income will reflect the incomes of the heads of the household, excluding the incomes of other parties in the household, and must not exceed $30,000.
• 95% financing will be offered to those who qualify, as a means of reducing the amount of savings required for the down payment on the property.
• The maximum term of the loan will be 30 years up to age 70.
• A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years.
• The legal provision in the mortgage documents requires that beneficiaries of newly built Government-financed properties cannot sell or sublet the subsidized property before the expiration of ten (10) years from the date of financing.
• Mortgage Cover® is encouraged

*Normal lending criteria apply.