SUVA, Oct. 13 (Xinhua) -- The Fijian government is offering first home buyers with an annual income of less than 50,000 Fijian dollars (about 23,000 U.S dollars) 15,000 Fijian dollars (about 7,000 U.S. dollars) in grant in a move to help more Fijians own their own homes.
The First Home Buyer Grant Policy is being offered by the Housing and Community Development Ministry.
Fijians who earn 50,000 Fijian dollars (about 23,000 U.S. dollars) a year and above, are qualified for a grant assistance of 10,000 Fijian dollars (about 4,600 U.S. dollars) provided for the land-and-house package or 5,000 Fijian dollars (about 2,300 U.S. dollars) for a ready built home.
To be eligible, applicants must be a Fijian citizen residing in the island naiton, be 18 years of age and above, have an annual household income of 100,000 Fijian dollars (about 46,000 U.S. dollars) or less, have never previously purchased or owned a home in Fiji and the individuals must meet the financial institution's loan.
Fiji's Housing and Community Development Permanent Secretary Joshua Wycliffe said the need was vital for Fijians to know more about this government initiative.
"One of those things that we would like to see is we are able to promote this product much more stronger throughout Fiji so more and more people can make use of this," Wycliffe said.
Wycliffe has encouraged Fijians to seek advice from any financial institution or visit their office for any clarification.
Wycliffe said the process for first home buyers has been trimmed down and will take at least two to three weeks before the banks get a response from the ministry.
About 55.9 percent of Fiji's population of over 880,000 reside in urban areas which is a growth of little more than 16 percent from 2007, according to the 2017 Population and Housing Census.
The Reserve Bank of Fiji, the central bank, was working with the Fijian government to provide affordable housing services, especially to low-income earners as housing affordability was a growing global challenge.
