(for residential housing)
Do You Meet The Following Requirements?
- Are you a Sole-trader, Partnership, Limited Company, or Cooperative?
- Are you at least 21-years-old and a Citizen of Fiji
- Own or intending to purchase a construction or property for rental with annual income $50,000 and below
- Belong to an ethnic group OTHER THAN a Fijian, Rotuman or Eligible General Elector of Melanesian or Polynesian or Micronesian origin?
Security Required
(to adequately cover, loan amount and, may include) |
- Mortgage
- Debentures
- Joint & Several Guarantees made by Shareholders and Directors of the Company
- Bill of Sale
- Any other appropriate security
|
| Exclusions |
- Rental for Occupation by Family/Relatives
- Executive Homes for rental
- Residential Buildings in Housing Authority Estates
|
| Equity Contribution |
Minimum of 20% of the Total Project Cost |
| Interest Charges |
| First $50,000 |
8% per annum |
| In excess of $50,000 |
13.5% per annum |
| Interest subsidy of 5.5% up to $50,000 per applicant |
| Building Type |
Loan Term |
| Purchase |
15 years |
| Construction |
20 years |
Documents To Be Provided When Lodging Your Application
- Business Plan
- Right of Land Use � Copy of Registered Title or Current Lease over Land (term of lease must exceed loan term)
- Copy of Building Plans and Specifications for Building Construction
- Construction Contract � An executed fixed price contract for the work to be undertaken and 3 quotations
- Proof of Assured Income � Tenancy Agreement
- Evidence of Equity Contribution
- For Purchase of existing property � A letter of Offer or Sale and Purchase Agreement
- Details of Other Borrowings with confirmation.
Call Your Nearest Branch For More Information
