Housing Finance Subsidy Scheme
The Scheme is administered by the Ministry of Finance, National Planning and Trade and overseen by the Housing Finance Subsidy Committee, which has the mandate to review and approve applications under the Housing Finance Subsidy Scheme in accordance with the established policy and conditions. The Committee comprises representatives from the MoFNPT, the Ministry responsible for lands and housing, the Agency for Social Protection, as well as a representative from the private sector with expertise in the construction and/or engineering field.
Applicants are required to first apply for a loan with the commercial banks or HFCL. Upon loan approval, if the approved loan amount is less than the total project cost, and provided that the proposed house does not exceed 125 square metres and the applicant meets all other eligibility criteria, the applicant may then submit a Housing Subsidy application. This is done by completing the prescribed form and forwarding it to the Ministry of Finance, following which the Committee Secretary submits the application to the Committee for evaluation and approval.
Who qualifies:
- Only Seychellois citizens who are gainfully employed or self-employed, and who are first-time homeowners with no other dwelling registered under their name.
- Applicants must earn a fixed income in Seychelles or from another source acceptable by the Housing Finance Subsidy committee.
- Subsidy applies only to applicants with gross monthly income (net of taxes and pension) less than SCR 30,000.
HFC Schemes
1. Interest Rate Subsidy Scheme
The Government extends a subsidy in the form of an interest rate of 6%. This applies to Housing Loans, Second Housing Loans, and Vertical Extension Loans.
Who qualifies: Individuals with net income of SCR 20,000 and below. Maximum threshold of the loan applies as per the schemes.
Who manages the scheme: HFCL and MoFNPT.
2. Housing Loan
A scheme for eligible Seychellois citizens who do not own a house, to construct or purchase a property with an existing house.
Who qualifies:
- First-time owners with a plot of land registered in their name.
- Maximum loan amount: SCR 1.2 million.
- Salary threshold: SCR 30,000 net per month.
- Maximum repayment period: 30 years.
3. Second Housing Loan
A scheme for eligible Seychellois citizens who do not own a house or land, with permission to build from the landowner.
Who qualifies: First-time Seychellois homeowners with no house or plot of land.
Budget allocation: Max loan amount SCR 850,000.
4. Vertical Extension Scheme
Encourages parents to grant permission for their children to build additional structures above their homes. Parents may apply for a Major Renovation Loan to restore the original house after extension, provided loan eligibility requirements are met.
Who qualifies: First-time Seychellois homeowners without house or land.
Budget allocation: Max loan amount SCR 950,000.
5. Major Renovation Loan
Loan to finance major and extensive renovation of an existing house for private residential purposes only.
Who qualifies:
- Applicant must own both property and land.
- Salary threshold SCR 25,000.
- Max loan amount SCR 400,000.
6. Home Improvement Loan
Loan for renovation, landscaping, or rock blasting (not for household items).
Who qualifies:
- Applicant must be gainfully employed and own the property.
- Only one loan per household allowed.
- Salary threshold SCR 20,000.
7. Complete Re-Roofing Loan
For complete re-roofing only.
Who qualifies:
- Only one re-roofing loan per household.
- Applicant must be property owner in stable employment.
- Max loan amount: SCR 150,000.
- Salary threshold: SCR 20,000.
8. Pensioners' Home Improvement Scheme
For renovation, landscaping, and re-roofing. Includes 30% subsidy and 0% interest.
Who qualifies:
- Pensioners (retirement age 65+).
- Must repay by deduction from pension.
- Over 75 years: restriction on property + co-applicant required.
9. House Extension Scheme
For extensions (veranda, kitchen, bedsitter, etc.).
Who qualifies:
- Applicant must be gainfully employed.
- Planning approval required.
- Max loan amount SCR 300,000.
- Applicant must have insurance or HFCL coverage.
10. Pensioners' Emergency Loan Scheme
Quick assistance loan for pensioners in case of home calamities or disasters.
Who qualifies: Pensioners only.
Budget allocation: Max loan SCR 10,000.
11. Home Carers Home Improvement Scheme
For renovation, landscaping, rock blasting, or re-roofing.
Who qualifies: Home carers with a guarantor as collateral.
12. Permanent Invalidity & Disability Home Improvement Scheme
For individuals with permanent disabilities or impairments to renovate homes.
Who qualifies:
- Collateral: guarantor required.
- Max loan SCR 50,000 (Home Improvement).
- Max loan SCR 150,000 (Re-roofing).
13. Survey Loan
Loan for subdivision of land to transfer to a first-time landowner.
Who qualifies:
- Applicant must be gainfully employed.
- Subdivided plot must go to Seychellois citizen over 18 years old.