Current economic conditions provide a challenge for young people who want to buy a home, but cannot afford one.

While interest rates are low and competitive, most young people lack the financing to afford these benefits.

To help aspiring homeowners achieve their dream, the Trinidad Building and Loan Association has announced a new savings plan called the Downpayment Savings Plan that will assist individuals towards saving for a downpayment.

The plan is targeted at individuals between 20 – 25 years old, who are now beginning their careers and need to prepare for the future.

"This product can be used for any future goal, but its main purpose is to provide a vehicle for young people to save on a regular basis to accumulate funds specifically geared towards a deposit for the purchase of land or housing and to meet other associated expenses, like a valuation, legal fees, stamp duties and conveyance fees," said TBLA chief executive Leslie Nelson.

Nelson was speaking at the TBLA's 121st anniversary celebrations and Long Service Awards at the National Academy for the Performing Arts (NAPA), Keate Street, Port of Spain last Saturday.

Staff members who were honoured for dedicated service to the association were Khalil Mohammed (ten years); Veronica Joseph (12 years); Jennifer Phelps (12 years); Kalowtie Arjoon (14 years); Sandy Neemar (21 years); and Patricia Phillip (37 years).

Independent Senator Helen Drayton delivered the address, and highlighted the company's trajectory as the first financial institution in the country to provide loans and financing to the less affluent, working-class populations in Trinidad, to today adapting to the changes in the economy, but staying true to its mission of providing affordable mortgage and investment opportunities to its clients.