HFC Bank, Fiji’s only local bank has launched a Special Housing Facility, bringing Fijians closer to their dream of owning their very first home.
The launch was done by the Acting CEO Mr. Raj Sharma at the HFC Bank Head Office in Suva today. “Two important components of an ideal Home Loan are (1) Interest rate and (2) Equity. With HFC Bank, both these hurdles have been made simple for customers. Under this new facility, customers who are buying or building their first home will be able to enjoy a low 4.25% per annum interest rate fixed for 5 years. Customers will also enjoy the benefit of 10% equity requirement under this scheme”, said Mr. Sharma while launching the product.
In line with Government’s priorities in making home ownership affordable for Fijians and initiatives taken by Reserve Bank of Fiji (RBF), a facility of $60 million is available to approved lenders to lend to eligible individuals. As such, HFC Bank has designed this package under the Reserve Bank of Fiji Special Housing Facility where a single applicant or joint applicants with an annual income or joint annual income of $50,000 or less, qualify for this scheme.
HFC Bank will offers complete home loan solution with insurance, in-house valuation and in-house security documentation, saving a lot of fees and run around cost to the customer. The package also allows for amalgamation of other personal debt with housing loan provided that non-housing component of the funding is no more than 20% of the total funding.
Whilst equity contribution is low at 10%, customers can take added advantage of the First Home Government Grant scheme. Under this scheme, customers will be able to meet the equity with $10,000 government grant if building or $5,000 grant if buying their first home. Equity contribution can also be met by way of cash, FNPF, and/or collateral security.
“This presents an ideal opportunity for Fijians to own their first home. As Fiji’s only local Bank, HFC Bank is at the forefront in aligning its products to Government and Reserve Bank of Fiji initiatives that benefit our people and enrich their lives”, Mr. Sharma further added.
Visit your nearest HFC Bank branch to find out more. HFC Bank currently has branches in Suva, Ganilau House, Nakasi, Nadi, Lautoka and Labasa.