The Declining Balance Program is an interest-free financing option which is used to acquire the property you wish to own. As a future home owner, a minimum down payment of 20% of the property value must be made at the beginning of your contract.
Under the AYA Financial finance agreement, both you as home owner and the financier contribute funds to acquire the property. You as the home owner make monthly payments throughout the course of your payment term. A portion of these monthly payments allow you to redeem part of the financier’s stake of the property.
The remaining is a profit (user fee) payment, giving you the right to live and use the house as you please. AYA Financial provides either a 2 or 5 year term contract. At the end of the term your contract can be re-negotiated.