The Housing Authority of Fiji has written off a further 9 home loan accounts worth $217,000.
Housing Authority chief executive officer Alipate Naiorosui said, “The 9 families have qualified for a full write off their home loan accounts under the social housing policy. This is targeted at homeowners who have paid over one and half times the principal loan amount, are facing genuine hardship and are also unemployed due to retirement or on medical grounds”.
The families received official letters from Housing Authority indicating that their home loan accounts had been completely written off through a Fiji Government grant as well as Housing Authority provision.
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.
Naiorosio continued, “The intent of the social housing policy is to assist those homeowners who no longer have the earning ability to meet their mortgage repayments as well as the needs of their families. There is a strict criteria in place for assistance as well as conditions placed on the property and homeowner”.
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.
Since its inception in 2011, 292 Fijian families nationwide have benefited from the social housing policy representing $2.8 million in Government grant and Housing Authority provision.
Last month, 4 Village Housing Scheme accounts where partially written off worth $370,000 impacting 55 families in Ba, Nadi and Yasawa.