HFC’s Super Dream Interest Rate Reduction

HFC following this week’s Board meeting has reduced the interest on its Super Dream Home Loan package from 5.5% to 4.5% for the first 12 months. The Super Dream Loan Package was launched on 8th December 2012 at Holiday Inn by “Hon. Aiyaz Sayed‐Khaiyum ” ‐ Attorney General and Minister for Justice, Anti‐Corruption, Public Enterprises, Communications, Civil Aviation, Tourism, Industry and Trade, said Chief Executive Officer Mr. Isikeli Tikoduadua. The product has been quite successful with impressive results so far but we have found that market dynamics have changed in the last six months or so, and it is timely important for us to review, he added.

HFC has complete home solution with insurance, mortgage protection, valuation and security documentation, all under one roof. The minimum amount to borrow for this product is $30,000 to a maximum of $500,000. The equity is just 10 per cent and the rest is covered through special insurance scheme (Excess Loan Guarantee). The variable rate after 12 months will be 7.5%.

This product is available for those who have land or would like to purchase land and build. “This also supports the refinance cases provided additional $30,000 is taken to upgrade the houses. The whole objective is not only to simulate the construction industry but support the government’s home ownership program” said Isikeli Tikoduadua. The customers would be able to qualify for the Vat refund, announced in the National Budget, by the Prime Minister last year.

He also advised that there are some other products and expansion programs for HFC as the company moves into the new financial year. HFC serving our people for over 50 years.

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