By SHALENDRA PRASAD | photojournalst.fiji@gmail.com
The Nadi Chamber of Commerce and Industry (NCCI) has welcomed the recent announcement by Merchant Finance on their new home loan package targeting first-time home buyers.
“This new offer of a zero-deposit home loan package with an attractive interest rate based on the reducing balance could not have come at a better time,” NCCI president Dr Ram Raju said.
“We believe this new package will really shake the market up and be a game-changer in the real estate sector,” Dr Raju added.
Dr Raju has commended Merchant Finance chief executive officer Veilawa Rereiwasaliwa for “thinking outside the box” and coming up with ideas that match the situation of people on the ground that are aspiring to own a home instead of renting.
Mr Rereiwasaliwa had told local media that many people spend years just to collect the minimum deposit for their first home loan as required by commercial banks and by the time they are able to collect the required sum, property prices already go higher than the initial offer.
Dr Raju believes this new approach will be the “turning-point” in the market and aspiring homeowners should take full advantage of the offer.
“A fixed interest rate of 3.99 percent on reducing balance for customers below the combined income of $50,000 and 5.99 percent for those above the $50k mark with the variable rate at 8.99 percent is a pretty attractive offer and will definitely create a positive impact in the market and in the lives of first-time homeowners,” Dr Raju said.
Sharing similar sentiments, real estate agent Paula Benn says she is ready to work with Merchant Finance with this latest offer targeted at first-time home buyers.
We, at Thirty One Degrees Real Estate, are thrilled to support Merchant Finance in this new initiative for first-time home buyers. This program is a significant step forward in making home ownership more accessible, particularly for young professionals,” Ms Benn said.
“By removing the barrier of a hefty deposit, Merchant Finance is providing a much-needed opportunity for young professionals to invest in their future and build equity on their own.
“We believe this program will not only benefit individual buyers but also contribute to the growth and development of our community. We have lots of migration out of the country and very limited into Fiji, so this initiative will add growth to our local economy.”
ENDS…
For more information, please contact NCCI President Dr Ram Raju
dsmnadi@gmail.com | +679 9920444 | www.nadichamber.com.fj