First home owners’ initiative progressing well: Sayed-Khaiyum
Sayed-Khaiyum says in the 2021/2022 budget that $4m was allocated and this was paid out within the first few months of this financial year, assisting 213 households.
He adds that although funding was fully utilized, the Ministry continued to receive applications. Therefore, the Ministry has been allocated an additional $5.9 million in the revised budget to be able to cater to the applicants.
“As of today, the Ministry has received a further 243 applications. Of the 243, nine were declined because they did not meet the criteria, 26 were incomplete applications, and the Ministry is currently liaising with the applicants for further information. The remaining 208 successful applicants will receive their grant payments in the coming weeks for a total payout of $4.6 million.”
Sayed-Khaiyum further highlighted that in 2020/21, 433 applicants were able to secure home loans for a total of $58m.
He adds that in the current financial year, home loans with an access of $63m have been secured to date by 421 applicants.
Credit: FBC
