Government Housing Loan Board vows to continue sheltering Dominicans

President of the Government Housing Loans Board (GHLB), Mr Felix Thomas has said that their 40 years of service to Dominicans, especially persons working in the public sector, is in itself an achievement for the board.

 

At an open day at the Government Headquarters last week, Mr Thomas said that the board has provided assistance to well over 1,000 public servants, thereby giving financial institutions an opportunity to service more mortgages to private sector employees.

 

“For the past fifty-three years, we have been granting loans to public officers for the building of homes. We have been doing that at special low interest rates over the years and over the past twelve months, we have granted over eighty loans to public officers to the tune of some $11.3 million. Prior to that we had some $7.5 million to a lower category of public officers at an interest rate of 4 percent.”

 

Mr Thomas said that the board which operates as a non-profit entity continue to face many challenges, the greatest being the receipt of funds from lending organizations to loan back to its members.

 

“The greatest challenge is obtaining the source of funding at low interest rates. We have to pay back the loans we borrow, if the interest rate that we get is too high, that is a serious challenge for us, it will definitely hamper us from reaching our goals and objectives.”

 

He said that the government of Dominica is pleased to be associated with the board and hopes that the partnership will continue regardless of which party is in government.

 

“In total we have granted over 2,225 loans to public officers over the years. Our entire aim is to ensure that we can have a maximum interest rate of 6 percent. We are seeking finances at interest rates that are lower than that so that we can reach our objective in ensuring that mortgage financing for public officers will be at the lowest possible rate.”

© 2012 SAT Telecommunications Ltd.

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