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.