Homeownership made easier

[Rose21]

I think it's a good move for the those who can''t affored a down payment on a home.
I wonder who and what it requires to get the application accepted--never liked housing Schemes. They are tiny and provide no privacy.

[ECO]

During this period, the contributor will be required to pay 15 per cent of the property cost in monthly lease payments. At the end of three years, the contributor will be converted to a NHT mortgagor, with access to the balance of the property's purchase price.

So if they default on the lease they have nothing?

First Caribbean Intl Building Society Rates
5 Year Jamaica Real Estate Mortgage Rates 16%
10 Year Jamaica Real Estate Mortgage Rates 16-17%
30 Year Jamaica Real Estate Mortgage Rates 17-19% source: http://www.jamaica-real-estate.net/all_ ... _rates.asp

I guess with mortgage rates like these it might be a really good idea to pay off the property before jumping into those interest rates on both the land and the house!

Off topic but do these types of rates explain why some people add onto their home when they saved up enough cash or are the mortgages hard to get?