The satisfaction of owning a home is truly priceless because your own home is a place to raise your family, and importantly, it can be passed down to provide security for your children.
Many Papua New Guineans do have a dream to own a home, but are often reluctant and put it off until later, due to many reasons, including high house prices, interest rates and repayment terms.
Well there is good news, the BSP First Home Ownership Scheme (FHOS) has a much longer loan term and a concessional interest rate.
About the First Home Ownership Scheme
The FHOS is a joint initiative between the Government of PNG and BSP, and provides access to all Papua New Guineans to flexible and affordable financial arrangements to enable them to own their own home.
The FHOS offers a loan up to K400,000 which means customers will not have to pay for stamp duty. Equity is at 10% and repayment up to 40 years at an interest rate of 4% per annum.
And we have a happy FHOS customer, David Jonah, who recently moved into his new home with his family, and he is thankful that he took that step to seek help and advice from BSP.
“It was a wise decision to visit my branch and enquire, as I given valuable information which resulted in me deciding to purchase my new house” said Mr Jonah.
You can have a house and call it your own. Take that first step HERE. It is open to all Papua New Guineans, whether you are working in the private or public sector, as long as you have the income capacity, including housing allowance, that ensures you afford loan repayments.
Now the FHOS is tailored for first home buyers for self-dwelling. If you are interested it is important to note that you must not have not owned or part owned a house under state lease. Your spouse or defacto partner does not own or part own a property under a State Lease. And also you must not have applied for any other housing loan via another scheme.
Under the FHOS, these are some criteria:
• Buy land under a state lease for the construction of a new house;
• Build a new house on a state land; and
• Buy both house and land under a state lease; or
• Buy a house which is less than 12 months old that is on a state land.
• Buy land under a state lease for the construction of a new house;
• Build a new house on a state land; and
• Buy both house and land under a state lease; or
• Buy a house which is less than 12 months old that is on a state land.
Want to renovate or buy your second home?
BSP also offers other Home Loan Products for other customers who may want to purchase another home, want to renovate or extend.
The BSP Home Loan product is the best option to take. Unlike the FHOS, this product gives you the freedom to work out your equity and apply for an amount over K400, 000 +. The Interest rate is fixed and repayment terms vary in this instance.
Set a Goal and start saving for your House.
Everyone can be able to own a house. Make a commitment to start saving up for a house.
photo credit: skerah.com
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