REQUIREMENTS

1. How can I qualify?

• Be 18 years or older
• Be a resident/citizen of Barbados
• Be employed for no less than two (2) years
• Earn no more than BBD $6000 (NET) per month
  • NET pay is calculated as gross pay less statutory deductions.
• Do not currently own a home

2. Can I apply with another person?

Yes, you can have co-applicants, once each applicant individually meets the requirements listed above (under question #1). The total NET income of the household must not exceed BBD $10,000 per month.

You must also decide if you wish to purchase the property from HOPE as “joint tenants” or “tenants in common”. The main difference between these two concepts is the right of survivorship. If you purchase the property as joint tenants, it will mean that on the death of one of the co-applicants, the property will automatically vest in the surviving co-applicant(s).

Essentially, it means that you cannot leave your interest in the property to another person on your death. For example, if John Brown and Jane Doe purchase the property as joint tenants and Jane Doe dies, then John Brown will become the sole owner of the property. Alternatively, if you purchase the property as “tenants in common”, then you can dispose of your interest in the property to a third party as your share in the property will be treated as a separate and distinct share.

3. What does NET salary entail?

NET salary, under the HOPE program, is the amount of pay remaining after statutory deductions i.e. national insurance (NIS) and Income TAX (PAYE), are deducted from your gross salary. All other deductions are considered temporary and are not considered in the calculation.

FINANCING

1. Can I use my current bank for financing the mortgage loan?

Yes, you can use your own financial institution i.e. credit union or commercial bank, to finance your purchase of a home from HOPE. Alternatively, HOPE can introduce you to one of the many financial institutions we have worked with, which can save time and provide you with competitive interest rates.

2. Can I use my own lawyer?

Yes, you decide which Attorney-at-Law will act on your behalf. Fees are based on the Legal Profession (Attorneys-at-Law)(Remuneration for Non-Contentious Business) Rules.
A discount on fees is normally available if the Borrower/Purchaser and the Lender share the same attorney. However, the choice is yours, and you are responsible for paying the amount of fees charged.

3. Will any fees be required up front?

Yes, fees and requirements vary from one Financial Institution to another, but typically fees include a mortgage application/commitment fee (around 0.5% to 3%), legal fees (approx. 1% to 2.5% plus VAT), and closing costs (up to 4-10% of the property value) which cover appraisal, title searches, and other administrative expenses.

4. Do I need to make a down-payment?

This depends on the mortgage offered to you by the Financial Institution chosen.

PROCESS

1. How long does the application process take?

You can register online and fill out the application form in minutes, once you have all of your documents ready to upload. After submission, the system automatically assigns an application ID and your application is reviewed for completeness and eligibility. As developments come on-stream, applications will be considered in the order in which they were received.

2. How long does it take to construct the houses?

There's an initial 6-month period for land preparation, which includes establishing necessary roads, and installing utilities. Then, the construction of the houses, which includes inspections will take approximately 6 months.

STEEL FRAME TECHNOLOGY

1. What is Steel Frame Technology?

Steel frame technology uses a framework of prefabricated steel columns and beams to form a building's skeleton, supporting walls, and the roof. This method offers benefits like speed, strength, durability, fire resistance, and dimensional stability, and is suitable for various building types from homes to skyscrapers.
The steel loadbearing elements employed in the manufacturing, coating materials and any materials used on the building are priorly prefabricated; and thereafter, assembled at the location of the building.

2. Where will Steel Frame Technology be used?

Fustic Gardens is our first development to utilize steel frame technology.

3. Why Steel Frame Construction?

Steel possesses unique properties that make it ideal for residential construction, like strength and durability. Steel is known for its exceptional structural integrity, allowing for the creation of robust and long-lasting residential buildings. Significantly, steel is resistant to environmental factors like moisture, pests, and fire, ensuring enhanced home safety and protection.
Steel also offers some fantastic solutions to common construction issues. For instance, it is lightweight compared to other materials, making it easier to transport and handle during construction. Its high strength-to-weight ratio allows for larger spans and open floor plans, providing flexibility in design and layout. Better still, steel's dimensional stability ensures minimal shrinkage or warping over time, reducing the need for repairs and maintenance.

4. What are some of the benefits of steel frame technology?

Consistent Quality: Steel construction components are factory-controlled for reliable precision and performance. Because it’s a natural material, wood can have flaws or imperfections because the quality of each tree may vary.
Design Flexibility: Steel frames can handle special structural designs, including long spans, open floor plans, and unique architectures. Curves, angles, and irregular shapes are easier to achieve.
Faster Construction: Choosing a prefabricated steel framework can significantly reduce project completion times.
Non-combustibility: Steel frames offer superior fire resistance to wood framing. This makes steel a safer choice and can reduce insurance costs.
Strength: Pound for pound, steel is stronger than wood or concrete. It has high load capacity and shock/impact resistance.
Sustainable: Steel is 100% recyclable. This makes steel framing a great choice for sustainable projects, as recycled-content steel conserves natural resources and landfill space.
Termite/Pest Resistance: Steel framing eliminates concerns over termite damage or rot and decay from moisture. This improves the building’s life span and reduces maintenance.

5. Is a steel frame noisy or does it expand much in the heat?

No. In a properly constructed and insulated home, noise from the frame is highly unlikely. Steel does not change state or settle during its lifespan, which also means you will have fewer issues with movement, such as sticking doors and windows.

6. Is a steel-framed house safe during a lightning storm?

Yes, it is very safe. Steel is a positive conductor to the earth, so if lightning strikes, the energy is conducted straight to the ground. The energy is not released destructively within the frame as it might be in a conventionally framed structure.

7. Can I hang heavy items like cabinets or a TV on the walls?

Absolutely. Our partition wall panels are designed to support the direct attachment of heavy loads like TVs and cabinets without needing additional reinforcement. For other walls, heavy items can be screwed directly into a steel stud, which can be easily located with a simple magnet.

BENEFITS

1. Is there easy access to public transportation?

Our sites are generally chosen with ease of transportation in mind.

MAINTENANCE

1. Who is responsible for the maintenance of the homeowner’s house?

The homeowners are responsible for the maintenance and upkeep of their homes. However, the photovoltaic system installed on your rooftop will be fully maintained by HOPE until it is transfered to you at the end of the 20-year lease. Homeowners are collectively responsible for the common areas in their community. We strongly recommend that homeowners get together and form a Home Owners' Association to oversee the use and maintenance of the common spaces, enforce the covenants and safeguard the value of each homeowner's home.

2. How is garbage collection handled?

Garbage collection will be handled by the Sanitation Service Authority and you are responsible for securing your bin from the Barbados Water Authority.

3. How is mail delivered?

Depending on the design and size of your community, there may be a Cluster Box Unit (CBU) setup in a general area, where you would be provided access to your slot. For other communities without this, you will need to install a mailbox in an easily accesible location on your property as mandated by the General Post Office.

GENERAL QUESTIONS

1. Is the land yours when you buy the house?

Yes, you have freehold title to the land.

2. Will pets be allowed?

Yes, domestic pets are allowed.

3. Will rearing of animals be permitted?

No.

4. Is this a gated community?

No, it is an urban residential community.

5. Will my electricity bill be offset by the PV system?

For the first twenty (20) years, all income from the PV system will go to HOPE in exchange for the land it has given to you. There will be two separate and independent meters. One meter records the total electricity received from BL&P i.e. used by the home and paid by you, while the second meter records the total electricity generated by the solar panels that is fed to BL&P. At the end of 20 years, HOPE will give you the PV system and you will receive the earnings from the electricity generated for these remaining years.