Housing Finance Policy

    Text bolded/green below shows notes and variable definitions when you roll over. If you cannot see the notes, please download an Excel version from the Research Center, which includes notes. Also, a PDF featuring variable definitions is available in the document list under "Definition of Hofinet Variables".

     

    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)English common lawEnglish common lawEnglish common lawA.1.1
    Are there specific laws that deal with mortgages? YesYesYes
    Ministry of Legal Affairs
    		A.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?YesYesYesA.1.3.1
    Typical number of days needed for the transfer of title777777
    WDI
    		A.1.3.4
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    B.2 Subsidies to Households
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Are there subsidies to households on housing finance?YesYesYesB.2.1
    Interest rate subsidies by special government fundsYesYesYesB.2.1.1
    Down-payment subsidies YesYesYesB.2.1.3
    Mortgage interest deductibility from income taxYesYesYesB.2.1.5
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) YesYesYesC.1.1
    Property transaction taxes (purchase/selling)YesYesYesC.1.2
    Mortgage transaction taxesYesYesYesC.1.3
    Tax on capital gains on property NoNoNoC.1.5
    OtherYesYes 
    Ernst and Young
    		C.1.6
    Are there tax benefits on rental properties?YesYes 
    Laws of Trinidad and Tobago
    		C.2
    back to top | Country Data:
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
    Notes: "The District Revenue Officer in valuing any rented building for the purposes of this Act may in his discretion make such deductions or allowances, but in respect of voids and loss of rent only, as he may think proper."
    Notes: "The District Revenue Officer in valuing any rented building for the purposes of this Act may in his discretion make such deductions or allowances, but in respect of voids and loss of rent only, as he may think proper."
    Notes: Average NPL % of 2010-2015.
    Notes: Average NPL % of 2010-2015.
    Notes: Average NPL % of 2010-2015.
    Notes: Average NPL % of 2010-2015.
    Notes: Average NPL % of 2010-2015.
    Notes: Average NPL % of 2010-2015.
    Notes: Base Year
    Notes: Based on the Mortgage Market Reference Rate (MMRR).
    Notes: Home Mortgage Bank is privately managed secondary mortgage market maker who possesses a small (6%) of mortgages outstanding in bond value.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
    Notes: Land Regularization of Tenure Act 25 of 1998 designed to address nationwide issue of informal squatting.
    Notes: Legal limitations set by Central Bank on maximum fluctuation on variable rate mortgages within 3-year period.
    Notes: Legal limitations set by Central Bank on maximum fluctuation on variable rate mortgages within 3-year period.
    Notes: Legal limitations set by Central Bank on maximum fluctuation on variable rate mortgages within 3-year period.
    Notes: Majority of mortgage lending (67%) done by commercial banks funded by deposits.
    Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
    Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
    Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
    Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
    Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
    Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
    Notes: Tax Exemptions for Housing Developers
    Notes: Tax Exemptions for Housing Developers
    Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
    Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
    Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
    Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
    Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
    Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
    Notes: Third largest lending category is that of insurance companies, whose mortgage arm "borrows" from funds of parent company.
    Notes: Trinidad and Tobago Mortgage Finance Company is second leading lender by balance--funded by the government.
    Notes: Trinidad and Tobago Mortgage Finance Corporation has operated as the mortgage lending vehicle for the government since 2002.
    Notes: Trinidad and Tobago Mortgage Finance Corporation has operated as the mortgage lending vehicle for the government since 2002.
    Notes: Trinidad and Tobago Mortgage Finance Corporation has operated as the mortgage lending vehicle for the government since 2002.
    Notes: TTMFC offers up to 95% financing for a home.