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23rd November 2021, 19:43

Flexible payment options for new Government estates

Purchasers of flats in the new Government housing projects can now stop paying monthly instalments after the 36th month.

This has been announced by the Ministry of Housing, which says this is a result of the delays caused by the pandemic.

The purchase agreements for the new government housing estates said instalments have to be paid monthly from the date of signature until the date of completion of the purchase of the flat.

Delays have meant purchasers would have had to carry on paying much longer than previously envisaged. The Government has therefore wanted to give purchasers now a choice and flexibility with their payments or as Housing Minister Steven Linares put it- a helping hand.

Those who stop making monthly instalments will not be able to restart, however, and will have to wait until completion to pay the balance of the purchase price.

Minister for Housing, Steven Linares, told GBC the delays had not deterred purchasers and that the vast majority had gone ahead with their new homes.