Mortage Products
Home Purchase Mortgage-HPM
Group Scheme Construction   Stage Payment
Home Completion Mortgage-   HCM
Home Improvement Mortgage –   HIM
Home Equity Mortgage- HEM
Buy Land and Build own Home   Mortgage - BLBH
Construction Finance Mortgage   (CFM)
Construction Stage Payment   Mortgage (CSPM)
 
Mortage Products :
Buy Land and Build own Home Mortgage - BLBH
The Product:
This facility is designed to enable applicants with low income, who would usually only be able to acquire homes by buying land now and develop it overtime.
Description:
There are two components of this product. The “BUY LAND” portion and the “BUILD own HOME” portion. Beneficiaries will contribute 20% of the cost of the land.
After 80% payment on the initial “BUY LAND” loan, the customer qualifies for the “BUILD and OWN” portion of the product. The customer selects from an HFC architect design for the property to be constructed. There must be clear and undisputed title to the land which must be duly registered. Development permit, Building permit and approved building plans are necessary requirements.
Application Requirements:
  • Must be between the ages 18-50 years.
  • Must have a home save account with HFC (SL) Ltd.
  • Must provide proof of employment and income.
  • If income cannot be verified must have operated HFC home save account for a minimum of twelve months.
  • Own Builder/ Developer must meet HFC (SL) credit appraisal standards.
  • Loan will be disbursed and administered in Builder or Construction Company’s account held with HFC.
  • Collateral or performance insurance bond is required from builder or Construction Company.
  • Prior approved standard design houses with prices pre-determined and fixed Bills of quantities lodged with HFC (SL) Ltd.
  • Parcel plans and transfer documents executed and lodged with HFC (SL) Ltd.
  • Loans may be disbursed directly to supplier.
  • Land with good title and in good location.
  • Must provide two satisfactory proofs of ID and address.
Terms:
RESIDENT SIERRA LEONEANS NON-RESIDENT SIERRA LEONEANS
Maximum Loan BUY LAND: US$10,000 or its equivalent in Leone BUILD:US$30,000 or its equivalent in Leone BUY LAND: US$10,000 BUILD:US$30,000
Minimum Down Payment 20% of the cost of the land 20% of the cost of the land
Maximum Term 10 years each for a total of 20yrs 10 years each for a total of 20yrs
Processing Fee 1.5% per each proposed loan US$250.00 per each proposed loan
Facility Fee Nil 1% per each proposed loan
Design & Inspection Fee (HFC Realty) 2.0% on “Build and Own” portion of loan only. 2.0% on “Build and Own” portion of loan only
Statutory Deposit towards registration of title and security documents. 2% of loan amount on new plots.
1% on plots where the title document at minimum has been plotted and stamped.
2% of loan amount on new plots.
1% on plots where the title document at minimum has been plotted and stamped.
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