SECOND HOUSING LOAN SCHEME
The loan is for first time home owners only.
Permission from land owner is required.
Applicant should be gainfully employed and earning less than SR30, 000.00 per months (proof is required).
Applicant must be over 18 years old and should repay the loan before reaching retirement age (63 years).
In case of self-employed, proof of income will have to be provided and also the business license.
A minimum of 30% to a maximum of 40% of net income would be calculated as the monthly repayment installment.
Maximum loan amount is SR400,000 and depends on the applicant's ability to sustain and repay the loan.
Loan is payable at a rate of 7% but variable.
Applicant will have to contribute 7.5% towards the loan once approved.
The house should be used for residential purpose only.
The loan is disbursed by installments upon building inspector certification.
The loan is secured by a charge on the land where the house is being built.
Applicant 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.
Upon roofing stage, the house should be insured for fire and other perils.
The maximum loan term is 23 years but should be fully repaid before reaching retirement age (63 years).
Required documents are latest payslip, bank statement with six months transaction, approved house plan, quotation, ID card and proof of income if self-employed.
A processing fee of 0.75% of the loan amount is charge at the time of interview.
Facts about Housing Finance Company
HFC assist only Seychellois citizen with loans.
HFC assist people with loans that have relation to their housing needs and not for other purposes.
All loan applications should be filled at the District Administration office.
HFC does not build houses to allocate to applicant, it only finance house construction, renovation and extension as per the needs of the applicant.
All applicants must be over 18 years old.