Sunday, 13 May 2012

T&T's First Time Home Purchase Programme

The issue of home-ownership being a privilege and not a right came up in a casual conversation; sooooo... this blog entry is not as a result of a question from one of the 50,000+ visitors to this website since 2010, but I thought it would be useful information for many who I'm sure do not know.

Taken directly from the government's website:
 
What is the First Home Purchase Subsidy?

The programme is designed for persons who would like to acquire their first house, but would not qualify for the mortgage because of limited finances.

Who can apply for this Programme?

Any citizen of Trinidad and Tobago who has identified a home for purchase and requires assistance to buy a home.


What are the necessary criteria?

  • The applicant must not own any property for dwelling purposes
  • Total household income must fall within one of the two income brackets listed below:


Annual income
Maximum Home value
Subsidy amount
$ 24,000.00- $40,000.00
$215,000.00
$50,000.00
$ 40,001.00- $65,000.00
$215,000.00
$35,000.00

(Please note the higher your annual income the lower the subsidy)



What are the documents to be submitted?

a.    Birth Certificate.
b.    ID or Passport.
c.     Evidence of citizenship (if applicable)
d.    Marriage Certificate. (if applicable)
e.    Certificate of title/ Deed.
f.      Recent pay slip and job letter, where people are self employed an affidavit attesting to their income would be accepted.
g.    Quotation for construction
h.    Affidavit stating that they do not own any property for dwelling purposes.

Do I have to repay this subsidy?

Yes.

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