New home construction or home remodeling can take a chunk out of your pocket but the good news is there are various institutions in Trinidad and Tobago that can loan you the finances to get the job done.
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Here are some useful information on lending facilities in Trinidad & Tobago;
Home Construction Subsidy
The Home Construction Subsidy provides funding of up to TT$50,000 to assist families with the construction of a new housing solution. The PMCEU will develop approved house plans, estimate the cost of the house and obtain statutory approvals for proprietary housing solutions, ranging from starter houses in the region of TT $150,000 to a complete housing solution within the Programme’s Ceiling of $300,000 in Trinidad or $350,000 in Tobago. The complete solution would be designed to be built incrementally but where the occupant can enjoy a habitable house. Learn more
RBC Mortgages
At RBC, as a resident, you can obtain a mortgage for the purpose of purchasing an owner-occupied residential property, including single-family units, townhouses, and condominiums. Up to 90% financing is available (as Mortgage Indemnity Insurance is available for amounts in excess of 80%); therefore a minimum downpayment of 10% is required. Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement). Learn more
JMMBTT Bank Residential Mortgage
JMMBTT offers access to financing to assist with valuation fees, mortgage indemnity insurance, legal costs, etc. Longer-term: Mortgages can be extended to age 65. Learn more
First Citizens
Many customers prefer the option to simply purchase their home or, they may just want to buy land now and build later. If this applies to you, First Citizens has a financing option for you. At First Citizens, first-time home owners benefit from significant cost savings to make home ownership affordable. Learn more
Trinidad Building and Loan Association
Build your dream home with TBLA’s financing. They provide the ideas that will shape your future home such as; Features of the loan, Up to 85% financing available, Bridging Facility, Quick Closing period, and Experienced Quantity Surveyors and Valuers. Learn more
TTMF Ltd
Bridging and long-term loans are available to construct a home. Construction must adhere to local building codes and follow designs and specifications approved by local regulatory bodies. Learn more
Scotiabank
Get a Home Builder Loan from Scotiabank for building or renovating. They offer Interest only payment during construction. A dedicated Home Builder Loan Specialist to support and guide you, during your construction project. Plus, convert to a residential mortgage when the property is complete. Learn more