National Bank of Belize Receives $800 Million to Make Homeownership Easier for Low and Middle-Income Belizeans
By: Omar Silva, NP Staff Writer
Belize City, Thursday, 4th May 2023
The National Bank of Belize is set to receive a whopping 800 million Belize dollars, which is expected to make home ownership easier for low and middle-income Belizeans. For years, access to finance has been a significant hurdle for many Belizeans who dream of owning a home. However, with the injection of funds, the bank is now able to provide low-interest loans to those who would not typically qualify for a mortgage at commercial banks. The initiative is expected to kickstart the construction of 10,000 middle-income homes within the next five years.
The project, called "The Belizean Housing Project," is being managed and implemented by JMCC Enterprises Limited, in partnership with Senda International, a Belizean-based company. The first set of homes is set to be completed by September this year, and the overarching goal of the initiative is to provide affordable loans to persons who would not typically qualify for a mortgage at commercial banks.
The interest rates for the loans will be between 3.5% to 4.5%, which is significantly lower than the rates charged by commercial banks. The project aims to build homes for the middle-income population, including call center workers, bank workers, and anyone who can afford to pay rent but not the exorbitant mortgage rates. With affordable monthly payments and the opportunity to choose their designs, Belizeans can now own their homes and bid farewell to the high costs of rent.
JMCC Enterprises Limited is being guided by MCC Capital and Tag Corporation, and the National Bank of Belize will manage everything related to the mortgages. The bank will issue the mortgages at very low rates and with fewer stringent requirements than usual. The project is expected to create jobs for hundreds of Belizeans and provide thousands of working-class citizens with a place to call home.
The Belizean Housing Project will be available to anyone who wants a home and qualifies for the loan, from Corozal down to Toledo. The project will also establish agreements with all 31 elected officials to assist in identifying suitable applicants.
In conclusion, the 800 million Belize dollars injected into the National Bank of Belize is a game-changer for many Belizeans who have longed for a home to call their own. The initiative will provide affordable loans and make home ownership a reality for many low and middle-income Belizeans who would not typically qualify for a mortgage at commercial banks. The project is expected to create jobs, stimulate economic growth, and provide affordable housing for thousands of working-class citizens.