Ten Fijian families are now debt free homeowners after their home loan accounts were written off by Housing Authority this month.
Housing Authority chief executive officer Alipate Naiorosui said, “The 10 families have qualified for a full write off their home loan account under the social housing policy. This housing program is targeted at homeowners who have paid over one and half times the principal loan amount and are facing genuine financial difficulty”.
The 10 families received official letters from Housing Authority indicating that their home loan account had been completely written off under the social housing policy that is being funded by a Government grant.
The homeowners who were assessed based on the criteria for the social housing policy were overjoyed and emotional at receiving such good news that will positively impact their families.
The social housing policy is being funded under a $2.5 million Government grant to directly assist at risk homeowners who are no longer able to meet their mortgagee repayments.
As part of the social housing policy once the home loan account has been written off, the homeowner will not be eligible for further loans within 10 years.
Added to this, upon transfer of shares or sale of the property the assistance amount will need to be paid back in full.
A total of 236 families nationwide have been assisted under the social housing policy since it was introduced 18 months ago.