Buying Property in Trinidad and Tobago? Here’s what you need to know about the TTMF’s 2% Mortgage Programme
Did you know that if you make 10K or less per month you can still qualify for an interest rate of 2% of up to 850K to buy any property you want?
Of course there are special conditions that apply, but with the interest rate that you may be paying from the bank, it’s worth checking it out.
Here’s what you need to know:
- A regulated mortgage payment arrangement is included.
- It applies to land owners as well and they can receive up to 850K for construction
- The Mortgage allows for a 0.5% increase annually beginning from the inception of the loan to the realization of the next level of the 5% subsidized mortgage rate over a period of seven years.
- Up to 100% financing will be provided for the purchase price for a land or house or a land with immediate construction of a property can be provided to qualified persons as a way of reducing the required savings for the first installment on the property.
- This rate is exclusively for first time home owners only!
- You can take up to 30 years to repay and can be extended to past the age of 70 years provided that a gainfully younger employed family member co borrows.
Here is how you would benefit:
$20K will be included for major appliances!
Major appliances to be purchased include stove, refrigerator, washer and dryer. These appliances will be paid for directly by cheque to the store where they are purchased upon the implementation of the mortgage loan.
Persons who qualify for the 2% interest rate are provided with 100% financing.
For persons who do not qualify, at least 5% deposit will have to be made towards the purchase of the property. In the unfortunate event of untimely passing, CUNA and TTMF Caribbean Insurance will provide insurance coverage on the outstanding balance of the mortgage.
Frequently Asked Questions
Can I borrow money to renovate my property?
A person can borrow funds to extend or renovate their house at the current market rate provided that the plans have been approved and received by the TTMF and the applicant has been approved the amount as per his current income and liabilities.
Can I rent or sell out the 2% interest rate property?
Under the programme, the beneficiary is not allowed to sell or sublet the property until the expiration of ten years from the date of the financing. You can have the property of your choice because TTMF offers first time home owners up to 100% total financing, at an interest rate of only 2% for properties that have been valued for up to $850 000. Normal lending criteria and special conditions apply! Attempting any of the above could be cause for complications and is therefore not encouraged.
So in summary, if you are a looking to buy a home, and you earn 10K per month or less, then this is a great option for you. With 2% as an interest rate, and a long time to pay back, building your home has never been easier!