1. PURPOSE:
a) To assist eligible Seychellois citizens to (i) conduct minor renovations of an existing
house where they are residing; (ii) carry out landscaping works; (iii) do site clearing
works, such as rock blasting etc;
b) The loan is not for the purchase of household items;
c) The house to be renovated should be in use for private residential purpose only;
d) Only one loan under this Scheme is allowed per household.
2. MAXIMUM LOAN AMOUNT: SCR50,000.00.
3. INTEREST RATE: 10% interest (variable) on the full amount of the loan.
4. MAXIMUM LOAN REPAYMENT TERM:
a) Maximum term of 5 years (60 months) for applicant(s) earning a monthly income
below SCR10,000.00 net;
b) Maximum term of 3 years (36 months) for applicant(s) earning a monthly income
above SCR10,000.00 net.
5. MAXIMUM NET SALARY:
a) Applicant(s) should be gainfully employed and earning less than SCR20,000.00 net per
month (proof is required).
b) In case of self-employed, proof of income will have to be provided, together with the
business registration certificate and license.
6. ELIGIBILITY: Applicant(s) must be over 18 years old.
7. LOAN DISBURSEMENT: The loan is disbursed by instalments upon HFC’s Building Inspector’s
certification.
8. SECURITY:
a) The loan is secured by a Guarantor who is gainfully employed.
Or
b) The loan is secured by placing a Restriction on the land where the re-roofing works
on the existing house is being undertaken, on condition that:
i. The applicant is the owner of the property;
ii. The applicant is in stable employment;
iii. The monthly loan repayment is done via salary deduction;
iv. The salary assignment is made in favour of HFCL.
c) If the applicant cannot provide sufficient proof of income, they will also need to
provide a co-applicant.
9. REQUIRED KYC DOCUMENTS: Required documents are ID card, latest payslip, bank statement
with 6 months’ transaction, proof of address and proof of income, if self-employed, etc.
10. PROCESSING FEE:
a) For a loan of SCR25,000.00 – SCR450.00 is payable by the applicant at the time of
interview for the loan, which includes SCR150.00 for the processing of the loan and
SCR300.00 as Visit Fee.
b) For a loan of SCR50,000.00 – SCR550.00 is payable by the applicant at the time of
interview for the loan, which includes SCR250.00 for the processing of the loan and
SCR300.00 as Visit Fee.