In his 2014 Independence Day speech the Prime Minister of Belize announced that Government will meet the interest payment for the month of December 2014 on all home mortgages in the country with an original value of up to 100 thousand dollars. News tonight is that Cabinet has approved criteria for qualifying under the GOB’s newest program.
In its five point criteria, the Cabinet approved that the assistance will apply to all barrowers from the National Bank, commercial banks, credit unions, Development Finance Cooperation, and the Social Security Board. Secondly the mortgages must be residential no more than one hundred thousand dollars. Thirdly, on mortgages for new home construction will qualify; fourth, mortgages for home improvements will not qualify. And lastly, all mortgages must be legally registered and not merely the deposits of title deeds which are called “Equitable Mortgages”.
Under the program, government will pay a sum equal to their December 2014 mortgages payments for those who qualify. That payment though will be made to the borrowers and not directly to the lending institutions. Application forms for the program are now available at the Treasury Department in Belize City or any District Sub treasury or it can also be downloaded from the Ministry of Finance website, www.mof.gov.bz. These must be submitted the Treasury Department or Sub treasury departments in the respective districts no later than December 31st.
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