Low interest, no downpayment mortgages for low income earners: PM Kamla

File: A low income home in ROYSTONIA, Couva

Prime Minister Kamla Persad-Bissessar announced on Monday night that government is making it easier for low income earners to get financing to buy or build a home.

Speaking as PM and leader of the United National Congress (UNC) and the People's Partnership (PP) she stated that persons earning under $8,000 a month would be able to borrow up to $450,000 at the low interest rate of two per cent to acquire a home. 

She said this new policy would help make the dreams of many come true and is a demonstration of her government's commitment to help people buy a home. 

Noting that she has heard middle or low income person complain that owning a home has almost become "the impossible dream" the PM said government is working to put those dreams "within your grasp".

"Do not loose sight of your dreams. My Government is here to help you, to partner with you make your dreams a reality," Persad-Bissessar said.

"In Trinidad and Tobago, our citizens have dreams of owning their first home and the PP Government, your government, shares that dream with you.

"That is why, your cabinet has decided to make it possible for citizens earning less than $8,000 a month, to buy their first home, with zero down payment and at a 2% interest rate for homes up to $450,000," she added.

"It means affordable housing for the first time as home owners. It means that that every individual that has a dream of owning a home for their family can now be realised," she said.