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.