FAQs
What kind of loans does HFC offer?
HFC Finance offers you a wide range of loans to suit your needs. Our products and services are categorised as follows:
- Housing Loans are available for purchasing a home, refinancing your consumer loans, buying a motor vehicle and getting additional funds for expenses while having your mortgage with HFC.
- Personal Loans are available to cater for any expenses of a personal nature. Whether it be for travel, education, or for urgent unexpected expenses, our personal loan gives flexibility and peace of mind. Revolving Loans is a facility that is available and allows you unlimited redraw up to your approved limit.
- Business Loans are available to fund business set-up, commercial vehicles, commercial property, working capital, equipment, construction of apartments for the rental market, construction of commercial buildings and any other business related investment.
How do I go about applying for a loan?
Applying for a loan with HFC Finance is very easy. You have 4 options:
- Come down to any of our sales offices located in Suva, Lautoka, Nadi and Labasa. A Customer Services Executive will tell whether you are eligible for a loan based on our standard criteria.
- Alternatively, you could simply use our Apply Online feature on this website. To assist you further you could use our Loan Eligibility Calculator to determine whether you qualify for a loan with us.
- You could also download our application forms, fill them up and fax, mail or bring the form down to any of our offices.
- Use our click feature to send an email directly to any of our Customer Service Executives on the respective range of loans.
What are some documents I may need to bring with my loan application?
You may be required to produce some or all of the following information:
- Valid identification
- Latest salary slip
- FNPF statement/eligibility
- Evidence of personal assets and liabilities
- Evidence of your bank accounts and bank statements
- Copy of Title or Lease
- Current valuation or engineer's certificate
- Sales and Purchase Agreement
- Latest city or town rate notice
- Approved building plan or sketch floor plan (for construction only)
- Builder's quotes and contract
- 12 month statement of current loan balance from current lender (for re-finance only)
- Financial records for the past 3 years.
- Memorandum and Articles of Association
- Company registration
Other information may be required depending on your personal circumstances relating to the loan application.
What do I have to contribute towards the loan?
You can contribute as low as 20%. This differs according to the type of product. The contribution can be either in cash, collateral property, or FNPF funds.
What are the suitable securities that you require?
We require security which includes one of the following:
- Mortgage over freehold property and leasehold property with adequate remaining term
- Letter of charge over Term deposit (cash cover via term deposit held with a financial institution)
- Registered bill of sale over Motor Vehicle
- Deed of Defeasance (Security charge over a Life Policy)
- General Lien and Scrip Lien (Grants a charge over a wide range of documents/shares, debentures, stock and bonds)
- Guarantee (form of security by which a third party promises to repay the liabilities of the customer to HFC Finance in the event of the customer failing to do so.
- Mortgage debentures (are only provided by companies and corporate organisations whose businesses are registered at the Companies Office)
Any other securities may be considered on a case by case basis.
Can I borrow for purchase of land only?
Yes, you can borrow for land only and build at a later stage.
Does HFC sell houses that I could purchase?
We are sorry but we do not sell properties, however we facilitate funds for the purchase of properties. The only properties that are available for purchase are those on mortgagee sale, which are advertised through our panel of solicitors. Queries can be made at their offices.
What is the maximum term for a loan?
The maximum term for a loan is dependant on the type of loan you have with HFC. For home loans the maximum term is 25 years, business loans have a maximum term of 15 years, and both personal and vehicle loans have 5 years (maximum). The term of any loan also depends on your age. Further details on maximum terms for each product can be obtained from the HFC Products page.
Can I consolidate my debts?
Yes. We allow for all debts including personal loans and vehicle loans to be consolidated into one loan as long as the total loan is covered by the registered mortgage.
What are your fees and charges?
Each of our products has its own fees and charges. For further information on a particular product, please visit our ????????????? page. Alternatively, you could download our fees & charges. (PDF document with list of all fees & charges for all products)
How is the interest charged to the loan accounts with HFC Finance?
Interest is calculated on a daily balance and charged at the end of each month for loan accounts. It is on a reducing balance and not compounded interest.
How long does it take to approve a loan application?
Once we receive a completed loan application, it will take us only 48 hours (two working days) to decide on your loan. However, this is based on the assumption that you have provided all the necessary details required to allow us to analyse your loan.
What are the processes involved in a loan application?
- The first step is for you to provide us with all the necessary information. This would include items listed in question 2 and other documents or details that may be required for your loan application to be processed.
- We would then analyse and make a decision on your loan within 48 hours.
- Issue you a letter of offer detailing your repayments, term and other loan details
- Acceptance of letter of offer
- Once we receive acceptance from you, we would send instruction to solicitors for satisfactory completion of security documents.
- Instructions would also be sent to valuers and FNPF where involved.
- Upon solicitors' confirmation that security documents are in order, settlement will be concluded.
How long will it take to draw the funds from date of approval?
Usually this depends on the parties involved in a loan. The lesser the number of parties involved, the faster the settlement. Our aim is to settle within six weeks from date of approval in all cases.
When do I start making repayments towards my loan?
Your repayments will start one month from the day of settlement. There may be cases where you can apply for repayment holidays also.
How do I make repayment to my loan accounts?
Loan repayments can be effected from your employers at source where applicable. You may also make repayments at our outlets around the country.
How do I pay insurance premiums, ground rent, city/town rates?
These payments can be included in your loan repayments and on due dates paid by HFC Finance in terms of arrangements.
What do I do if I am unable to meet repayments due to some unforeseen circumstances?
In such cases you will need to contact your nearest branch and discuss the position to ensure that appropriate arrangements are made in this regard.
What happens in case of permanent disability or my demise that will affect my debt serviceability?
We have mortgage protection insurance which covers for such unforeseen circumstances. We ensure that in all cases the customers take out this cover to protect themselves in cases of permanent disability or demise.
You will need to discuss the situation with your account controllers who will advise you the appropriated line of action.
Can I make lump sum repayments and later withdraw same from my loan accounts?
You can always make lump sum repayments to take advantage of the interest costs and withdraw these funds when required. There are small fees applicable in some cases.
How do I go about drawing the construction loans?
Your offer letter will clearly outline the conditions for construction loan drawdowns and its conditions. Usually these funds are drawn on stages against a stage payment schedule and upon certification by the Architect/Engineer and satisfactory inspection by the HFC Finance Managers.
What happens in case of defaults on my loan accounts?
In case of default where no arrangements are made, HFC Finance reserves the right to call up its debt in full. There are a series of steps that HFC need to take in line with the Consumer Credit Act to recover its debt.
Initially there will be penalty interest rates and arrears fees applicable. This may later lead to legal action through the Solicitors in pursuit of full recovery of the debt.
What do I do when approached by other financiers?
Visit your nearest branch and discuss position with the staff or simply call your Account Controller to discuss the matter.
Who are in your panel of valuers, engineers and solicitors?
We have our own panel of valuers, engineers and solicitors. This means that we will only accept valuations and legal documents prepared by firms from these panels.
Can we use our own valuer, Solicitor and Engineer who are not on the HFC Panel?
We have certain working standards with our panel in the above areas that perform under strict guidelines and turnaround times. These panels have been very thoroughly screened with regard to the performance expectations and are considered to be safe in their dealings.
Since we do not have such agreements with other professionals in above areas, we do not want to engage them due to the risks involved.
If I have an old valuation from the HFC panel valuer, will this suffice or do I need a fresh valuation?
The valuations must not be older than three (3) years for our assessment purposes.
What does HFC offer apart from home loans?
We have a wide range of products apart from just home loans. These include Business Loans, Term Deposits and Insurance Products. The flexibility of each of these products allows us to design each service to suit your needs. However conditions do apply and each service is subject to credit approval.
What are some interest rates on your term deposits?
Our interest rates are some of the most attractive rates available in Fiji. Our interest rates vary for different terms of the deposit invested. Please visit our Term Deposits page for more information.
How safe is my money with HFC Finance?
HFC has been in existence for over 40 years now and is in a stable financial position. Investments with HFC Finance are safe and are guaranteed.
Who are the Shareholders of HFC Finance?
FNPF holding 75% Shares and Unit Trust of Fiji Holding 25% Shares.
Where can I find more information on HFC Finance?
You can click on this link About us.
What do you require to open a term deposit account?
We will need proper identification which may include your passport and driving licence. The funds to be deposited must be either cash or a Bank cheque. We will also need to complete an application form, which include personal information including the Tax identification number.
What are the fees with regard to term deposit accounts?
Click on this link for Fees & Charges.
Are there any tax deductions with regards to interest on my term deposit?
If you do not provide your tax identification number then withholding tax will be deducted and forwarded to the Inland Revenue Department.
Can you tell me where your branches are located?
Click here for our branch locations.