1. PURPOSE:
a) To assist eligible Seychellois citizens to subdivide their land, with the purpose of
transferring the subdivided plot(s) unto a first-time landowner;
2. MAXIMUM LOAN AMOUNT:
a) SCR25,000.00.
b) The loan amount will however be based on the quotation provided by the surveyor,
but limited to SCR25,000.00 maximum per subdivided plot created.
3. INTEREST RATE: 10% interest (variable) on the full amount of the loan.
4. MAXIMUM LOAN REPAYMENT TERM:
a) Maximum term of 5 years (60 months) for applicant(s) earning a monthly income
below SCR10,000.00 net;
b) Maximum term of 3 years (36 months) for applicant(s) earning a monthly income
above SCR10,000.00 net.
5. MAXIMUM NET SALARY:
a) Applicant(s) should be gainfully employed and earning less than SCR30,000.00 net per
month (proof is required).
b) In case of self-employed, proof of income will have to be provided, together with the
business registration certificate and license.
6. ELIGIBILITY:
a) Applicant(s) must be over 18 years old.
b) The land in question should qualify for subdivision; i.e. a pre-planning approval is
required from the Seychelles Planning Authority.
c) Where there is a Restriction registered on the land in favour of the Government,
necessary approval will have to be obtained for the subdivision before processing of
the loan.
d) The beneficiary of the subdivided plot will not be eligible to benefit for land under the
Government Land Bank or any permanent social housing assistance from the
Government thereafter.
7. LOAN DISBURSEMENT: The loan will be disbursed by two instalments to the surveyor; i.e. the
first instalment for the start of the subdivision and the second/final instalment, upon approval
of the subdivision by the Seychelles Planning Authority.
8. SECURITY:
a) The loan is secured by a Guarantor who is gainfully employed.
b) If the applicant cannot provide sufficient proof of income, they will have to provide a
co-applicant who will help with the repayment.
c) An affidavit confirming the intention of the landowner for the transfer of the
subdivided plot onto the first-time land owner is required to be signed by both the
loan applicant and the person benefitting from the subdivision. A copy of the affidavit
will be forwarded to the Lands Division at the Ministry of Lands & Housing to update
their records.
9. REQUIRED KYC DOCUMENTS: Required documents are ID card, latest payslip, bank statement
with 6 months’ transaction, quotation from a licensed surveyor conducting the subdivision,
proof of address and proof of income, if self-employed, etc.
10. PROCESSING FEE: SCR1000.00 is payable by the applicant at the time of interview for the loan.