Basseterre, St, Kitts (SKNSOURCE): In an effort to improve the living conditions and alleviate financial burdens faced by residents, the government has introduced the Independence 40 Housing Reset initiative.
This program aims to provide much-needed relief to homeowners by wiping off penalties on arrears, resetting outstanding mortgage balances, and freezing interest for eligible National Housing Corporation (NHC) customers until March 2024.
One of the key aspects of the Independence 40 Housing Reset is the removal of penalties on arrears. For many residents, falling behind on mortgage payments can result in accumulating arrears and additional penalties, making it increasingly difficult to regain financial stability.
Another critical component of the Housing Reset is the resetting of outstanding mortgage balances to the principal amount. Through this initiative, the government will reset outstanding mortgage balances, allowing residents to repay their loans based on the principal amount.
The Independence 40 Housing Reset also offers relief for up-to-date NHC customers by freezing interest until March 2024.
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