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Bank South Pacific has confirmed it has approved a total of K200 million (US$62 million) in housing loans to Papua New Guineans to buy homes.
BSP chief executive officer Robin Fleming confirmed this on Wednesday when asked how much of the K200 million partnership arrangement with the National Government had been given in loans.
“There was an initial K200 million commitment from BSP, we have approved in access of K200 million.
“Part of those facilitation of settlement, not all of those have been settled because of various issues, but I believe that is going to improve far more expeditious and rapidly,” Fleming said
“From the banks perspective, what we are recognising is that, not withstanding that, the initial commitment was K200 million. We need to increase that to allow for the legitimate needs of most,”
Fleming said more funds are needed towards the capital investment made by the government to meet the genuine needs of citizens looking to buy homes.
A total of 300 families have applied and have been successful for the funds earmarked for the initiative.
He said the Government’s policy to address housing ownership in the country has been a success for the bank.
“Certainly, it has been a success. We have got K200 million worth of loans and they are the ones with 4 per cent over and above the other loans.
In 2014, the PNG government provided an initial capital investment of K200 million with BSP through the 2015 National Budget.
Under the arrangement the Government offered to provide BSP initial funding of up to K200 million, as a deposit to support initiatives to improve access to credit for first home buyers.
The housing loans are provided at a fixed interest rate of 4 per cent to current market conditions prevailing with repayments terms up to 40 years.
SOURCE: POST COURIER/PACNEWS
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