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.