Major Renovation Loan

1. The purpose of the loan is to finance the major and extensive renovation of an existing house ONLY. Works that will qualify for funding under this loan scheme are as follows:
   1. Replacement / rehabilitation of structural elements, fittings & fixtures that have reached the end of their serviceable lifespan:
      • Re-roofing, repairs of eaves & eaves gutters, ceiling works
      • Replacement of doors & windows
      • Replacement of plumbing / drainage piping & fixtures, and sanitary fittings
      • Replacement of electrical wiring & fixtures
      • Structural repairs to cracks, underpinning works
      • Re-doing flooring (including installation of floor tiles)
      • Re-decoration & painting (restricted to re-plastering, painting of walls, wall tile installation only allowed internally for kitchen and bathrooms/toilet rooms)
   2. Associated site works for ensuring structural integrity of buildings and adaptation to climate change resilience:
      • Construction of retaining walls for safeguarding an existing structure
      • Construction of storm water drainage
      • Earth works & levelling
      • Re-construction of waste water disposal systems (including works for connection to municipal systems)
   3. Home improvement works to cater for family extension needs & security:
      • Conversions to make houses disabled friendly
      • Installation of burglar bars
   4. The qualifying works are considered under the new loan scheme if they are not covered under other loan products, OR are being implemented as a package with other works in the mentioned list which will make the threshold for other loan products to be exceeded.
2. The applicant should be a Seychellois citizen and residing in Seychelles.
3. Applicant should be gainfully employed and earning less than SR20, 000.00 net monthly (proof is required).
4. Applicant must be over 18 years old and should repay the loan before reaching retirement age (65 years).
5. The applicant should be the owner of the house to be renovated and the land where the house to be renovated is located, can be charged.
6. The loan is to be secured by means of a charge registered against the land where the house to be renovated is located.
7. The house to be renovated should be and is being used for private residential purpose only.
8. If the applicant is already a loan account holder with HFC, the loan account should be older than 12years and no arrears.
9. Only one Major Renovation Loan per house is allowed.
10. The maximum loan amount is SR350,000.00.
11. The interest rate is 9% (variable) and the maximum loan repayment term is 180 months.
12. The loan will be disbursed by installments upon building inspector certification.
13. The house should be fully insured for fire and other perils with the financial interest assigned in favour of HFC, prior to the last installment of the loan being disbursed.
14. Beneficiary of the loan should be covered for death and permanent disability either by HFC’s contingency fund or a mortgage protection insurance for the full value and duration of the loan from an insurance company.
15. A detailed quotation of the renovation is to be provided by the applicant. Only the amount required for the renovation will be processed but limited to SR350,000.00.
16. The loan will be considered as a separate loan even though the applicant is already a loan account holder with HFC.
17. The applicant will have to provide latest payslip, bank statements with at least 6 months’ transaction, ID card and proof of income if self-employed.
18. A processing fee of 0.75% of the loan amount will be charged and SR1000.00 for visit fee.

Click here to download the Major Renovation Loan application form