S.H.C. borrowings $14.77 million
Samoa Housing Corporation's loans total $14.77 million for the last financial year, according to its 2018 annual report.
The Corporation has three loans from the following entities: Central Bank of Samoa (C.B.S.) $8.09 million, Unit Trust of Samoa $4.70 million, and the Samoa Commercial Bank $1.97 million.
A total of $2.31 million has so far been paid by the Corporation as loan repayment in the last financial year. The loan from the C.B.S. was supported by Samoa Government, added the report.
The itemization of the loans with C.B.S. is that loan (i), (ii) and (iii) are for 10 years with the interest rate of three percent.
Loan one, the monthly payment is $33,185 and equates to $398,220 per annum while loan two’s monthly payments is $26,717 and $320,604 at the end of the year. For loan three to C.B.S. the monthly payment is $36,226 and for 12 months the S.H.C. pays $434,712.
Loan four to C.B.S. is for 15 years and the interest rate is one percent with monthly payment of $29,925.
The loan with U.T.O.S. of $4.70 million is for 20 years with the interest rate of 7.5 percent and monthly payment is $40,280. This loan was guaranteed by the Samoa Government says the report.
Furthermore, the loan with S.C.B. is for 10 years with the interest rate of nine percent and total monthly repayment is $27,000. The property at Matafele which has a building is used to collateral this loan with the commercial bank.
The report says the interest on the borrowings paid by S.H.C. amounted to $789,869 for all six loans aside says the annual report.