6000 Papua New Guineans now own houses – O’Neill
Source: Post Courier
BY JEFFREY ELAPA
MORE than 6000 Papua New Guineans now own houses while another 3000 will soon have their houses through the Government’s first time owners scheme with Bank South Pacific, Prime Minister Peter O’Neill said.
Mr O’Neill said this while responding to questions without notice from Maprik MP John Simon on the use of the K200 million parked at BSP and used as guarantee for first time home buyers to secure loan to buy houses.
The Prime Minister said that according to the bank close to 6000 people have applied for housing loans and had been granted while another 3000 applications were pending.
He said the 6000 people did not own houses for more than four years but through the Government’s intervention, they were now home owners.
“It is a fixed term of 4 per cent interest for over 40 years and it was the best way to provide affordable housing to the people,” he said. Mr O’Neill said the problem was with titles over land and so far he had instructed the Department of Land and Physical Planning to sub-divide all land and give them to citizens instead of urban development leases.