(Purchase/Construction of Rental Accommodation)
Do You Meet The Following Requirements?
For Individuals
- Are you at least 21-years-old, a Fiji Resident &
- Belong to ONE of the following groups:
- A Fijian registered in the Vola ni Kawa Bula?
- A Rotuman registered in the Rotuman Birth Register?
- A General Elector registered in the General Electors Electoral Roll and is of Melanesian or Polynesian or Micronesian origin?
For A Company, Partnership Or Cooperative,
Is the business 100% owned by people who fulfill the Requirements 1 & 2 above?
| Client Type |
Loan Amount(F$) |
Interest Rate |
| Individuals,Partnerships& Cooperatives |
First $0.5m |
8% p.a |
|
Above $0.5m |
13.5% p.a |
| Tikina & Provincial Councils |
First $1m |
8% p.a |
|
Above $1m |
13.5% p.a |
| Interest is calculated on daily balance and automatically charged to your account monthly |
| Client Type |
Loan Amount(F$) |
Interest Rate |
| Individuals,Partnerships or Cooperatives |
Up to $0.5m |
20% of Total Project Cost |
|
Above $0.5m |
35% of TPC |
| Tikina, Provincial Councils |
Up to $1m |
20% of TPC |
|
Above $1m |
35% of TPC |
| Project Type |
Term Of Loan |
| For Construction |
Maximum of 20 years |
| For Purchase |
Maximum of 15 years |
| Exclusions |
- Residential building in Housing Authority estates
- Executive houses for rental
- Rental for occupation by Family/Relatives
|
Security required
(to adequately cover loan amount and may include) |
- Mortgage
- Debentures
- Adequate Insurance Cover
- Joint & Several Guarantees by Directors & Share- holders of the Company
- Bill of Sale
- First Assignment over rental proceeds
- Other collateral security
|
.
.
Documents To Be Provided When Lodging Your Application
- 3 Quotations for Construction
- Construction Contract – An Executed Fixed Price Contract for work to be undertaken
- Copy of Building Plans & Specifications for Building Construction
- Sales & Purchase Agreement or Letter of Offer for purchase of the property
- Business Plan
- Independent Valuation of Property
- Right of Land Use/Building Use - Copy of Registered Title or Current Lease over land & Tenancy Agreement (term of lease must exceed loan term)
- Details of Other Borrowings and provide confirmation
- Financial projections for 3 years
- Financial Accounts for last 3 years (for companies)
- Engineers Certificate
- Confirmation of Tenancy Offer with full details for duration of loan
Call Your Nearest Branch For More Information
