Housing loans board waives payments for affected borrowers

first_img Sharing is caring! Tweet Share Share 1447 Views   2 commentscenter_img LocalNews Housing loans board waives payments for affected borrowers by: Dominica Vibes News – September 12, 2015 Share Prime Minister of Barbados, Freundel Stuart viewing some of the damage caused to homes during Tropical Storm Erika accompanied by Prime Minister Roosevelt Skerrit (right)The Government Housing Loans Board is coming to the assistance of its borrowers whose homes were damaged by Tropical Storm Erika.The Government Housing Loans Board provides mortgages at interest rates of 7.25% and 4% to public officers.Speaking with Dominica Vibes on Saturday 12 September 2015, Chairman of the Government Housing Loans Board, Felix Thomas said the Board has taken a decision to waive payments for affected borrowers for three months.“We had decided among many things, to assist those persons who have been affected the Tropical Storm Erika. That is, those persons who are unable to access their homes, or to dwell in their homes as a result of the storm, we will waive their payments for three months in the first instance. That means that they would not have to pay either interest nor on the principle, they would not have to make any payments to the Government Housing Loans Board,” Mr Thomas informed.The Board has also taken a decision to reduce its mortgage rates in an effect to rebuild or increase the country’s housing stock.“We have decided to hasten our effort, realizing that our housing stock has been seriously affected as a result of this Tropical Storm…to bring further relief to all public officers who have loans with that institution but hastening our efforts to further reduce interest rates significantly, thereby making housing even more affordable,” Mr Thomas explained.Mr Thomas complimented Prime Minister Roosevelt Skerrit for having the foresight, even prior to the Tropical Storm, to engage the board in taking all necessary steps to make housing more affordable for all its borrowers. “We are saying that we are well in the process and we’re hoping that sooner, rather than later, that this significant reduction in interest rates will become possible,” he said.Additionally, Mr Thomas commended the Prime Minister for his “heroic” leadership in undertaking this “unenviable” task of rebuilding the country after the storm.last_img

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