Looking for HDC homes for sale in Trinidad? The Housing Development Corporation of Trinidad and Tobago creates affordable housing for many citizens, including:
- Young families
- Special needs cases
- Victims of emergency and Abuse
HDC does not discriminate on any basis. All Citizens are encouraged to participate regardless of colour, creed, religion, sex, sexual orientation, age, familial status, or marital status. You should read on to determine if this type of homeownership you would like as your first home, as well as people looking for homes for sale in Trinidad.
The administration of the Housing Development Corporation (HDC) of Trinidad and Tobago is affiliated with the preparation of work by its contractors. The HDC is tasked with providing affordable and quality homes for the citizens of the country and has mandated that all work meet only the highest standards for its homeowners and tenants. This is a piece of excellent news for persons looking for homes in Trinidad for under a million dollars
The HDC will also provide contractors an elaborate guide designed to ensure that all policies, rules, and regulations are closely adhered to and that contractors are aware of their obligations once work is being undertaken by the corporation.
Home Ownership Options
The Housing Ministry & Urban Development has developed several processes to allow potential homeowners to be able to purchase a home at an affordable price, despite their income level. Being Affordable has been the primary function of Trinidad and Tobago’s housing policy since 2002.
Applications for an HDC Homes for sale in Trinidad
All interested persons are required to submit the following where applicable:
- National ID Card of all Adults that would be living within the household.
- Birth Certificates- of all dependants within the household.
- Pay Slips- of all employed persons within the household.
- Utility Bills
- Rent Receipts.
- Any documentation of Government Assistance, e.g., Food Card, Pension, Disability Grant, etc.
- All other supporting documents for the application.
The mandate for HDC Affordable Housing. By implementing various policies of the Ministry, the HDC would fulfill its objective of accessibility and affordability to improve opportunities for middle and lower-income earners.
These policies include:
- Reduced interest rates- 2% is offered to citizens earning less than $8000 per month.
- Improved financing – 100% financing for persons earning $8,000 and less per month for properties up to TTD$625,000.
- Increase in site options – HDC Homes are built to facilitate a more significant density across Trinidad & Tobago to make optimal the use of limited land. New Towns will be created at strategic growth nodes across the country.
- Provision of substantial Government subsidies – The government subsidizes the cost of land, infrastructure, and construction to keep homes affordable.
- Various options for accessing housing – Prospective homeowners are offered the opportunity to purchase, rent-to-own, or rent, according to financial means.
To Qualify for an HDC home for sale in Trinidad:
- You must be a residing citizen of Trinidad and Tobago
- You must not be an owner or part-owner of a house or land.
- Have a valid Board of Inland Revenue Tax number.
- Copies and originals of the identification cards of all applicants, and other members of the household, where applicable.
- Copies and originals of birth certificates of all household members.
- Original and photocopy of marriage certificate (if applicable).
- A sworn affidavit as proof that the applicant does not own a house or land.
- Original job letters of all household applicants (where applicable).
- Proof of Board of Inland Revenue (BIR) file number of all income earners in the household.
- Statement of savings from your financial institution.
How can I apply for an HDC home?
Application is as simple as visiting the Ministry of Housing and Urban Development Website here
The website provides information on the locations of housing developments, plans for future developments, and photos of available housing.
When you apply, you will be told if you mee the basic requirements for new homeownership.
When applying, you will be told if you fit the basic requirements for new homeownership. All successful applicants who meet these requirements are selected through a computerized selection process that is random. Once selected, you will be contacted for an interview with the HDC for a more in-depth eligibility assessment.
Qualified persons will then be referred to (TTMF) Trinidad and Tobago Mortgage Finance Company, or another financial institution to obtain financing.
The downside to this process is that currently, the number of persons applying for HDC homes for sale in Trinidad exceeds the supply of housing available. Alternative means of owning a home is encouraged, since it may be more practical to build a home or purchase an existing one through a mortgage.
8 Steps for the Allocation Process for Public Housing:
- Know the eligibility criteria Any resident citizen of Trinidad and Tobago, who is 21 years and over and does not wholly or partly own a house or residential property, and earns no more than $25,000 per month.
- Applications can be submitted online at www.housing.gov.tt, at the Ministry’s office, or at the HDC.
- Await selection The housing units will be allocated to beneficiaries, according to the Ministry’s allocation policy.
- Attend an assessment interview Selected applicants will be invited to attend an interview to confirm the accuracy and truthfulness of their application information.
- Await the outcome of the assessment Based on the assessment and financial standing; successful applicants will be made an offer of either a mortgage sale agreement, rent-to-own or rental agreement.
- Consider the administrative costs These include any legal, financial or other costs involved in the preparation and execution of the agreement.
- Look forward to being allocated. Successful applicants will be allocated once units are available for distribution.
- Enjoy your new home Beneficiaries will receive the keys for their new home and must move into their properties within one month of receipt of keys.
Allocation will take place under the following categories:
- 60% Modified random selection process
- 25% For the joint protective services
- 10% Senior citizens and persons with disabilities
- 5% Recommendation of the Minister for special needs cases or emergencies
TYPES OF AGREEMENTS
RENT TO OWN
The Rent-to-Own (RTO) programme was designed to facilitate people based on their current financial situation, cannot qualify for mortgage financing. This agreement is based on the condition that once a person’s financial qualification is within one hundred thousand dollars ($100,000) of the cost of the allocated unit and he/she is less than thirty-five (35) years of age, he/she will be eligible for the RTO program. Subsequently, the client would then pay a Rent-to-Own fee for five years initially; 66% of this fee is applied as a deposit toward the cost of the unit at the end of the Rent to Own period and the remaining one third is retained by the HDC as an administrative fee.
The RTO program thereby makes provisions for the difference to be paid within a predetermined time frame after which the person would be re-assessed. If the client is still cannot qualify at the end of the five-year period, the Rent-to-Own agreement could be extended for a period of up to three years based on the discretion of the Corporation.
If at the end of this period, Persons are still unable to qualify, they would then be converted to a rental arrangement and their payments applied as such. If the person is able to qualify at the end of the RTO period, he/she will be processed for a mortgage by the TTMF or another financial lending agency.
Licensed TO Occupy
A License to Occupy (LTO) agreement is a temporary arrangement to customers when they are assessed and qualify for a mortgage but the property has not yet been vested in the HDC. Full title to the land occurs after vesting, at which time the HDC will approach the customer to convert to a mortgage. An LTO agreement is one that does not give the ownership over the property
GOVERNMENT SELF HELP AIDED PROGRAM
Citizens without land will benefit from:
A list of registered building contractors and technical assistance and oversight for the construction of their house Subsidised mortgages at 2% and 5% interest rate from the Trinidad and Tobago Mortgage Finance Company (TTMF) Access to fully developed lots costing 30% of the market value Subsidised pre-approved house plans
Citizens with land approved for residential use will benefit from:
List of registered building contractors Technical assistance and oversight for the construction of their house Access to subsidized mortgages at 2% and 5% interest rate from the TTMF Subsidised pre-approved house plans