Shania Shayal Prasad 
Families will now be able to own legally recognized land, as a new land loan product has been introduced for those without registered leases or freehold land.
This comes as Merchant Finance marketed their second new loan product after identifying the need to address the challenges faced by over 84,000 families in Fiji who live on land that is not formally registered.
Merchant Finance Chief Executive Veilawa Rereiwasaliwa adds this targets informal settlers and families living on unregistered land, now giving them an opportunity to obtain land with up to 90% financing.
He says that with a loan term of up to 10 years, the product is designed specifically for residential purposes and is available for land sizes up to one acre.
“We will obviously look at extending that as we see demand grow and we’re limiting it to one acre at the moment and it’s limited to personal customers. So only for residential purposes.”
Rereiwasaliwa adds this new offering complements their previous launch of the Zero Deposit Home Loan product, which targets renters looking to own their homes.
Great Council of Chiefs Chair Ratu Viliame Seruvakula says such products are significant for indigenous Fijians as 75% of those living in poverty are from their communities.
He says access to these financial tools is an important opportunity for empowerment.
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