Pensioners Home Improvement Loan

1. PURPOSE:

a) Pensioners’ Home Improvement Loan:
i. To assist eligible Seychellois pensioners to (i) conduct minor renovations of
an existing house where they are residing; (ii) carry out landscaping works;
(iii) do site clearing works, such as rock blasting etc;
ii. The loan is not for the purchase of household items;
b) Pensioners’ Complete Re-Roofing Loan:
i. To assist eligible Seychellois pensioners to completely re-roof an existing
house where they are residing. The loan is not for any other renovation
purposes.
c) The house to be renovated or re-roofed should be in use for private residential
purpose only;

d) Only one Pensioners’ Home Improvement Loan and/or Complete Re-Roofing Loan is
allowed per household under this Scheme.

2. MAXIMUM LOAN AMOUNT:
a) Pensioners’ Home Improvement Loan: SCR50,000.00.
b) Pensioners’ Complete Re-roofing Loan: SCR150,000.00.

3. INTEREST RATE & SUBSIDY:
a) 0% interest.
b) Government subsidy of 30% of the loan amount.

4. MAXIMUM LOAN REPAYMENT TERM: Maximum term of 7 years (84 months) for both the
Pensioners’ Home Improvement Loan and Complete Re-roofing Loan.

5. ELIGBILITY:
a) Applicant(s) must be a pensioner (65 years and older) and in receipt of a monthly
pension benefit.
b) Applicant(s) who have been assisted under this Scheme previously is/are eligible to
apply again under this Scheme, on condition that the existing loan has been paid off
and the monthly loan repayment is done from their monthly pension benefit.
c) Returning applicant(s) will benefit from the 0% interest rate but the Government
Subsidy {as per Clause 3(b)} will not be applicable.

6. LOAN DISBURSEMENT: The loan is disbursed by instalments upon HFC’s Building Inspector’s
certification.

7. SECURITY:
a) The loan is secured by a Guarantor who is gainfully employed.
Or
b) The loan is secured by placing a Restriction on the land where the renovation or reroofing works on the existing house is being undertaken, on condition that:
i. The pensioner is the owner of the property;
ii. The monthly loan repayment is done from the applicant(s) pension benefit.
c) Pensioners over the age of 75 years:
i. Applicant(s) are required to bring both a co-applicant and a guarantor to
secure the loan;
Or
ii. Applicant(s) can place a Restriction on the property {as per Clause (b)i and
(b)ii}, as well as bring a co-applicant.

8. REQUIRED KYC DOCUMENTS: Required documents are proof of ID card, pension benefit,
proof of address, bank statement with 6 months’ transaction, etc.

9. PROCESSING FEE:

a) Pensioners’ Home Improvement Loan:
i. For a loan of SCR25,000.00 – SCR450.00 is payable by the applicant at the
time of interview for the loan, which includes SCR150.00 for the processing
of the loan and SCR300.00 as Visit Fee.
ii. For a loan of SCR50,000.00 – SCR550.00 is payable by the applicant at the
time of interview for the loan, which includes SCR250.00 for the processing
of the loan and SCR300.00 as Visit Fee.
b) Pensioners’ Complete Re-Roofing Loan: SCR1000.00, being SCR500.00 for the
processing of the loan and SCR500.00 as Visit Fee.