Govt plans property downpayment loans

  He noted that GSB would hold a 20 per cent in the company.

 "This measure would allow low-income homebuyers to borrow upto 100 per cent of property value. They could also pay installments for the downpayments. Upon Cabinet's approval, the scheme could be executed immediately," he said.

 Homebuyers are usually required to put up cash, worth about 20-30 per cent of property value, as downpayments.

He noted that it is urgent to clear housing and condominium units in inventory, or they could turn into non-performing loans. Incentives are necessary to encourage homebuyers.