Second Housing Loan Scheme

Under the Second Housing Loan Scheme, eligible Seychellois citizens who do not own a house and a plot of land are assisted with a loan to construct a house.

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  1. The loan is for first time home owners only.
  2. Permission from land owner is required.
  3. Applicant should be gainfully employed and earning less than SR30, 000.00 net per month (proof is required).
  4. Applicant must be over 18 years old and should repay the loan before reaching retirement age (65 years).
  5. In case of self-employed, proof of income will have to be provided and also the business license.
  6. A minimum of 30% to a maximum of 40% of net income would be calculated as the monthly repayment installment.
  7. Maximum loan amount is SR550, 000.00 and depends on the applicant’s ability to sustain and repay the loan.
  8. Loan up to SR500, 000.00 is payable at an interest rate of 7% and above SR500, 000.00 is 8% but variable.
  9. Applicant will have to contribute 5% towards the loan once approved. This applies to all applicants, whether residing on Mahe, Praslin and La Digue.
  10. The house should be used for residential purpose only.
  11. The loan is disbursed by installments upon building inspector certification.
  12. The loan is secured by a charge on the land where the house is being built.
  13. 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.
  14. Once the house is completed it should be insured for fire and other special perils.
  15. The maximum loan term is 30 years but should be fully repaid before reaching retirement age (65 years).
  16. Required documents are latest payslip, bank statement with 6 months’ transaction, approved house plan, quotation, ID card and proof of income if self-employed.
  17. A processing fee of 0.75% of the loan amount is charge at the time of interview.

Click here to download the Housing Loan application form