The Mandate of the Minister Responsible for Housing
The mandate of the minister responsible for housing is the encouragement of home ownership by persons of low to moderate incomes. In this light, the government offers loan guarantees to persons wishing to purchase a home. Persons wishing to purchase a home may apply through their lending institution for a government guaranteed loan.
Eligibility
Bahamian citizens and residents who are 18 years of age or older.
Process
1. Before applying for a government guaranteed loan, persons must have agreed to purchase a house from a seller or agreed to have a house constructed on their behalf by a developer.
2. A government guaranteed loan can then be pursued when arranging financing through an approved lender.
3. Once the loan is approved, the lending institution must submit an application to the Minister of Housing for an undertaking to insure the loan. The lending institution must complete and submit the Application to Loan MI-1 form and a Request for Undertaking-to-Insure MI-2 form.
4. The Department of Housing completes the Undertaking-to-Insure MI-3 form and returns it to the lending institution.
5. Once the mortgage is finalized, the lending institution must then apply for a mortgage insurance policy on behalf of the homeowner. The Application for Mortgage Insurance Policy MI-8 form is completed by the lending institution and submitted to the Department of Housing with the required fee.
6. The Minister completes and returns the Mortgage Insurance Policy (MI-9 form) to the lending institution.
7. It should be noted that the terms of this form cannot be altered without the approval of the Minister of Housing. As such, the Mortgage Insurance Policy is valid for the duration of the mortgage.
Application Form(s)
- Application to Loan MI-1
- Request for Undertaking-to-Insure MI-2
- Undertaking-to-Insure MI-3
- Application for Mortgage Insurance Policy, MI-8
- Mortgage Insurance Policy, MI-9
Supporting Documents
- Proof of Bahamian Status (Passport)
- National Insurance Card
- Verification of Income (Recent Pay Slip, Job Letter, or Affidavit to verify income)
Turn-around Time
A Government Guaranteed Loan takes a period of two to three weeks.
Deadline Date
There is no deadline associated with this service.
Fee(s)
½ percent of the value of the mortgage.
For More Information
New Providence
The Ministry of Housing and Urban Renewal
3rd Floor, Edwin “Smiley” Bastian Building
Thompson Boulevard
PO Box N275
Nassau, New Providence
The Bahamas
Tel: (242) 302-5816 or (242) 323-3333
Opening hours: 9:00 am to 5:00 pm, Monday to Friday, except public holidays
Grand Bahama
Government Office Complex
The Mall Drive
PO Box F43774
Freeport, Grand Bahama
The Bahamas
Tel: (242) 352-3630 / (242) 352-3893
Fax: (242) 352-9244
Opening hours: 9:00 am to 5:00 pm, Monday to Friday, except public holidays
Note: All other family islands must process requests through the New Providence office.