House Extension Scheme
Through the House Extension Scheme, HFC assist people to extend their houses with an additional in case of overcrowding problem
1. PURPOSE: To assist eligible Seychellois citizens to extend any part of an existing house,
including construction of a bedsitter.
2. MAXIMUM LOAN AMOUNT: SCR300,000.00, depending on the applicant’s ability to sustain
and repay the loan.
3. INTEREST RATE: 9% interest (variable) on the full amount of the loan.
4. DEBT SERVICE RATIO (DSR): A minimum of 30% to a maximum of 45% of the applicant(s) net
income would be calculated as the monthly repayment instalment.
5. MAXIMUM LOAN REPAYMENT TERM: Maximum term of 10 years (120 months) though the
loan should be fully repaid before the retirement age (65 years).
6. 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.
7. ELIGIBILITY:
a) Applicant(s) must be over 18 years old and should repay the loan before reaching
retirement age (65 years).
b) Applicant(s) who is/are the owner(s) of an existing house can apply for the loan to
extend any part of the existing house, but will not be eligible for a loan to construct a
bedsitter.
c) Applicant(s) applying for the loan to construct a bedsitter will not be eligible for a loan
to construct another house in the future, but can be assisted with a loan to convert
the bedsitter into a full house, should all the other HFC requirements are met.
8. LOAN DISBURSEMENT: The loan is disbursed by instalments upon HFC’s Building Inspector’s
certification.
9. HOUSEHOLDERS’ INSURANCE: Upon reaching the roofing stage of the construction, the
house should be insured for fire and other special perils by the applicant(s), with financial
interest in favour of HFCL, and thereafter renewed annually upon completion of the house
construction, until the loan is paid off.
10. SECURITY:
a) Permission from the land owner is required.
b) The loan is secured by a Charge on the land where the house extension and/or
bedsitter is being built.
11. MORTGAGE PROTECTION: Applicant(s) should be covered for Death and Permanent
Disability, either by HFC’s Contingency Fund or a Mortgage Protection Policy, for the full value
and duration of the loan from an insurance company.
12. REQUIRED KYC DOCUMENTS: Required documents are latest ID card, payslip, bank statement
with 6 months’ transaction, proof of address, Planning Authority’s approval for the
extension/construction of the bedsitter, quotation and proof of income, if self-employed, etc.
13. PROCESSING FEE: 0.75% of the loan amount is payable by the applicant at the time of
interview for the loan.
Click here to download the House Extension Loan application form