Fiji Development Bank sees strong uptake for rural housing loans

The Fiji Development Bank (FDB) has reported a strong uptake of its new affordable housing loan facility, specifically designed to assist individuals in rural communities finance their homes. The initiative, launched within the last six months, has garnered a positive response and demonstrated encouraging progress in providing crucial housing finance to underserved areas.

Saiyad Hussain, FDB's Chief Financial Officer, highlighted the success of the housing loan facility, noting its focus on the rural sector. "We have just recently, last six months, we have launched our housing loan facility. It’s only for, it’s kind of affordable housing for our rural sector, and we, over the last six to eight months, we have done well in terms of the providing finance to this rural area," Hussain stated.

During a Public Accounts Committee meeting, questions arose regarding the eligibility of applicants occupying land under an agreement for lease. Ramesh Chand, FDB's Acting Chief Relationship Officer, clarified that while such agreements do not specify formal land boundaries, posing potential challenges during loan assessment, they do not automatically disqualify applicants. Each case is evaluated individually, with FDB considering the type and viability of the proposed project.

Chand further explained that an agreement for lease can be converted into a formal lease following the completion of a required land survey. FDB remains prepared to consider applications supported by these agreements, including those referred for further assessment, demonstrating a commitment to supporting rural housing development.

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We have just recently, last six months, we have launched our housing loan facility. It’s only for, it’s kind of affordable housing for our rural sector, and we, over the last six to eight months, we have done well in terms of the providing finance to this rural area.