- The purpose of the loan is specifically for the subdivision of land, with the intention of transferring the subdivided plot onto a first-time landowner.
- The land in question should qualify for subdivision. A pre-planning approval is required from the Seychelles planning Authority.
- There should be no encumbrances registered against the land that will not permit the subdivision. If any, then approval for the subdivision will have to be sought.
- The applicant for the loan will have to be over 18years of age and a Seychellois citizen employed in Seychelles.
- The subdivided plot is to be transferred onto a first time landowner.
- The maximum loan amount is SR25,000.00 per residential plot that will be created for first time land owners.
- The interest rate is 10% (variable) and the maximum repayment term is 5 years if the applicant is earning less than SR10,000.00 and 3 years if the applicant is earning above SR10,000.00.
- The applicant for the loan must be gainfully employed, earning less than SR20,000.00 net monthly and is able to sustain the loan.
- The applicant must provide a guarantor who is gainfully employed.
- If the applicant cannot provide sufficient proof of income, they will have to provide a co-applicant who will help with the repayment.
- An affidavit confirming the intention of the landowner for the transfer of the subdivided plot onto the first-time land owner is required to be signed by both the loan applicant and the person benefiting from the subdivision. A copy of the affidavit will be forwarded to the land’s office at MHILT to update their records.
- The beneficiary of the subdivided plot will not be eligible to benefit for land under Government land bank or any permanent social housing assistance from Government.
- In case there is a restriction registered in favour of the Government against the land, the landowner will have to obtain necessary approval from the Government for the subdivision before the processing of the loan.
- The applicant will have to provide a quotation from a licensed surveyor who will be carrying the subdivision.
- The loan amount will be based on the quotation provided but limited to SR25,000.00 per residential plot to be created for first-time land owners.
- The loan will be disbursed by two installments to the surveyor; i.e. the first instalment for the start of the subdivision and the 2nd/final installment upon approval of the subdivision by the Seychelles Planning Authority.
- Applicant will have to provide latest payslip, bank statement with at least 6 months’ transaction, ID card as well as proof of income if self-employed.
- A processing fee of SR1000.00 will be applicable taking into consideration the preparation of the affidavit.
Click here to download the Survey Loan application form
