New Home Loan Package

Oct. 3, 2017, 5:58 a.m.

New Home Loan Package

A new home loan package has been launched by Fiji’s only locally owned bank, Home Finance Limited, for single or joint applicants with a total annual income of up to $50,000.

The Special Housing Facility is expected to bring first-time home buyers closer to owning their own property, and has been designed under the Reserve Bank of Fiji’s housing package, of the same name.

HFC acting chief executive officer, Raj Sharma officiated at the launch in Suva, and noted that interest rate and equity were important components of an ideal home loan.

“With HFC Bank, both these hurdles have been made simple for customers,” he said.

“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.”

The bank noted that their product was in line with Government commitments to allow more affordable home ownership and initiatives of the RBF, for which $60 million has been availed to approved lends to loan eligible applicants.

“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 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 bank confirmed that the package would also allow for the amalgamation of other personal debt with the housing loan, provided that non-housing components of the funding don’t exceed 20 per cent of 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.”

Sharma said this presented 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”, he added.

HFC Bank currently has branches in Suva’s Ganilau House, Nakasi, Nadi, Lautoka and Labasa.

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