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Family Homes Funds would like to introduce to the public two new payment options that have been in the pipeline of production to allow us better service to you, our dearest customer.
Rent-till-mortgage is for individuals both in public and private sectors who have been contributing to the NHF and/or who qualify to get a mortgage from a mortgage bank. As the mortgage bank processes your mortgage loan by meeting all the terms and conditions, the individual can be allowed to move into the unit on the condition that he/she pays an agreed annual rental while waiting on the mortgage bank to conclude your mortgage loan. As soon as your mortgage loan is ready, the mortgage bank pays Family Homes Funds, and the transaction is then between you and the mortgage bank which allows for the opportunity to stretch your mortgage payment for as long as needed according to your income and the number of years of active service you have left. The loan comes at a very good interest rate of 6%.
Instalment payments are the best payment option suited individuals who do not qualify or who do not require a mortgage. As you are important to us, we have put together this payment option which allows for you to have 36 months to pay for your house with no interest added to the price of the house. At 25% payment of total amount of the house, you can move into your new home. The balance of 75% is spread over 36 months to made payable on a monthly or quarterly basis through a Standing Payment Instruction. The buyer will also be expected to execute insurance policies to guard against Fire and Special Perils, Credit life and/or Mortgage protection to protect the buyer, Family Homes Funds and the property.
There is still the option of outright payment which allows you to pay for your house upfront and move in immediately.
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