Government Housing Loans Board reports successful year

Thomas said the reduction of mortgage as a major achievement
Thomas said the reduction of mortgage as a major achievement

Chairman of the Government Housing Loans Board, Felix Thomas has reported a successful year for the institution with its main achievement being the reduction of mortgage interest rates.

He made that statement while addressing a company ceremony recently.

“When we came in as a board interest rates were at an all-time high of 12, 13 and 14 percent and one of the main agenda of this new government Housing Loans Board under the Labour Party administration was to ensure that we could tackle the problem of mortgage interest rates and we have been able to do that quite successfully,” he said.

Thomas commended all present and past board members who have played a major and pivotal role in ensuring the success was achieved.

“Today we can announce that as we did so during sometime last that we will be reducing our interest rates from 7.25 percent to 5.5 percent, and that is a great achievement…” he stated. “Your savings on this new interest rate that we will be implementing this year you will be able to save over $81,000 and if that is not good, then what is good in terms of savings?”

Meantime, he pointed out that from inception the institution granted 445 loans at a total cost of $43.5 million

In addition to that, he said apart from the company’s outside source of funding; $12.6 million of the board’s funds is now tied up in loans.

“We have been able to do well,” he stated. “In fact when we took over the institution it had a mere capital year of less than $25,000 and today we are talking of being able to finance through the board’s own funds over $12.6 million, and we are looking to go further afield to ensure that every public officer that is desirous of building a house for themselves and their families will be able to do that because of affordable interest rates.”

According to him the company have created a domino effect and, “we are expecting that domino effect to create some downward trend in interest rates throughout all the banking institutions as it relates to mortgage financing.”

Awards were presented to individuals for their dedicated service to the Government Housing Loans Board.

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16 Comments

  1. viewsexpressed
    January 4, 2016

    Mr Thomas, please get real You DLP people look for everything that quacks like a duck, walks like a duck and call in duck currency but dealing with a corrupt quacking DLP government. The people in Dominica has been crying for years especially in the part 13 years under this Skerrit lead, corrupt, bobol DLP government.
    The housing revolution has been a failure so what you are referring to has nothing to do with poor people but people who are struggling to make ends meet. So please, you fail to give an attempt at the political analysis, but you fail to comprehend and understand the social and economic bigger picture of housing. Your DLP government has failed to offer quality housing and homes to poor and deprived Dominican poor people while the big and beautiful up in Bois Bwa are living nice with homes and big money in foreign lands. Go ask PM he will tell you big time or you must have missed Angelo Alleyne last nights programme

    • SeriousVibez
      January 6, 2016

      viewsexpressed, you have missed the point. Before you quack and sound like a duck which makes you a duck, go research about the institution in question. The Government Housing Loans Board was established in 1953 and has survived through the years granting housing loans to government employees. Now, I am waiting to read something positive from you on this.

  2. Floridian diaspora
    January 4, 2016

    You can twist the Maths, interest rates, and percentages all you want. The fact stills remains that in Dominica unless you’re are rich or dressed in RED clothing, taking out a loan to build a house is suicide. It’s a lifelong commitment and most of the time your grandchildren are the ones who finish pay for the house. Why should a decent house loan cost so much that the expense has to be passed down to future generations as if it was part of the grandparent’s will? These days instead of grandkids inheriting property they are inheriting debt. When you all address this future generation debt issue come back and talk again. In the meantime your petty calculations associated with Dumb Lazy Party under the watchful eye of the evil ruler means nothing.

    • Gary
      January 6, 2016

      Are you not tried of writing nonsense, is this what partisan politics has done to your mind.

    • SeriousVibez
      January 6, 2016

      It is about time we know where to draw the line. Government Housing Loans Board has nothing to do with any COLOR. Do your homework, then come back with something positive.

  3. Francisco Etienne-Dods Telemaque
    January 4, 2016

    “Today we can announce that as we did so during sometime last that we will be reducing our interest rates from 7.25 percent to 5.5 percent, and that is a great achievement.

    Yeah, but while you are talking feel good crap, interest rate in the real world is below three (3%) percent, so what’s the big deal, the way your Dominica system is set up simply keeps people poor, so you are not saying anything.

    • me
      January 4, 2016

      “The real world ” so what Dca is in a fake world ? The average interest rate in Dca is 9% so 5.5 is great stope hating

      • Francisco Etienne-Dods Telemaque
        January 4, 2016

        The average price of a halfway decent house in Dominica cost approximately US$700,000.00 dollars; equivalent to approximately EC$1,890.00 dollars X 9/100 = $170,100.00 added to the original amount bringing the total balance owed to $2,060,100.00.

        If you have a thirty year mortgage that means you will have to make 360 payments to pay off. And so you would have to find no less than $5,722.50 dollars per month to own and keep that place.

        Now if it is compounding daily interest, by the time you are through paying your total payment will be over three million dollars. So you can go on talking crap. This may not be accurate according to Dominica’s banking and Mortgage standards, but I guess the idea of what I am conveying to you!

      • Working Class
        January 4, 2016

        Francisco in Dominica we use the EC $. as most of us get paid in it. A a decent 3 bedroom house with masterbedroom, kitchen, living room, dining room etc cost EC$400,000. You will appreciate that your mortgage will be based on your assets, salary and ability to pay. anybody looking for a US$700 000 or EC$700,000 mortgage must be making upwards 10,000 a month. Which by any calculation in any country (INCLUDING YOUR PERFECT USA) is a stretch.

        a reduction of mortgage from upwards 7% to 5.25% is a positive thing. If we listen to you and the picture you paint of America, we all packing our bags and come. It’s not all green in the US of A.

    • Concern Citizen
      January 4, 2016

      Stop talking crap on DNO. The lowest interest rate in America now is student loan from Nelnet @ 4.29% between 7/1/15 and 6/30/15. That means anyone who take out a loan during that time will pay 4.29%. Think before you speak.

      • Francisco Etienne-Dods Telemaque
        January 4, 2016

        Okay you piece of fart call California Bank right now, or Chase Bank anywhere in California, and ask them to tell you the interest rate, on a thirty (30) year fixed interest rate, and one on a fifteen (15) year fixed, ask what is the rate on a seven (7) fixed also and a variable interest on the same!

        If you have time let them fill you in on the rates on a forty (40) year mortgage also, most you with the biggest mouth full of fart are the ones with no name who cannot be identified. I am identified is why I am confident stating it as it truly is, eat your hart out, you cant prevail over me, you are too dunce for that!; talking about student loan, what the hell does student loan has to do with mortgage interest loan.

        Incase you do not know interest rate on a Conventional and an FHA Loan varies vastly, so shut your bloody mouth you do not know what the hell you are talking about!

    • Francisco Etienne-Dods Telemaque
      January 4, 2016

      But you see you missed the concept, Recently I say House Hunters International, and every house they should for purchase was indeed over US$700, 000,00 dollars. Now before I get carried away, let me inform you and that bit of nothing: I Bank with Chase Bank, and California Bank.

      I into both of them today.

      This is the posted interest rate of the day:

      The interest rate goes like this; on a thirty (30) year fixed the interest rate is 4.131 APR Fixed; and 4.000 % interest rate. On a fifteen (15) year fixed the APR is 3.639 % APR, and the real interest rate on a fifteen loan is 3. 75 %, that may change tomorrow, however the only way that will change is if the Federal hike the interest.

      Now, that those are bank rates, there are hundreds of thousand of private Mortgage lenders who will offer at much lower rates. So you guy’s need to know what it is all about before talking, in fact anybody with a four hundred thousand dollars mortgage paying $10,000.00 dollars per month are…

      • Francisco Etienne-Dods Telemaque
        January 5, 2016

        And let me clarify something here; where I mentioned “House Hunters International; I needed to make it Clare they were in Dominica, and I saw people bought residence for more than seven hundred thousand dollars , and that is in United States Currency!

    • Francisco Etienne-Dods Telemaque
      January 4, 2016

      “anybody looking for a US$700 000 or EC$700,000 mortgage must be making upwards 10,000 a month. Which by any calculation in any country (INCLUDING YOUR PERFECT USA) is a stretch.”

      That in the quote above is a lie you know unless; Dominica is into the compounding daily interest on mortgage loan, if that’s the notion, that means I would have to add another 1.25% to the calculation I made to get the an accurate monthly payment.

      So talk as you may about perfect USA, there cannot be any comparisons between Dominica, and any place on the planet!

    • SeriousVibez
      January 6, 2016

      As for you that Francisco Etienne-Dods Telemaque, you make me wonder if you are even sane. I have read through all your comments and you do not seem to be living on planet earth. You need to learn how to make a positive contribution to a given topic.

      • Francisco Etienne-Dods Telemaque
        January 6, 2016

        HJahahahahahahahahahahahahahahahha.

        Poor fool I am as sane as anyone can be; unless you understand what I am talking about you will be confused. Furthermore anybody who tells you that all over the world mortgage interest are calculated the same is a fool!

        Here is something for you, when I lived in the Caribbean, on a saving account, I obtained an 8% interest on the balance in my saving account; in a Barclay bank in Antigua.

        In America, the only way one can obtain an 8% interest on any saving that has to be in a special program, and you may wake up one morning and all your money could be lost. You are given a 1% interest even on a million dollars plus. So I do not know how this no name could have made the stupid claim she/he made. In the first place the person is crap about student loan, when I am talking Real Estate Loans.

        And mind you if you get a personal guaranty loan from a bank in America, the interest on personal are different from a Real Estate loan. But as Usual…

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