Housing & Land Loan Schemes

FULL HOUSING LOAN (HL)

Purpose:
To Construct a new house

 


Conditions: 
    • Maximum Loan Amount : SR500, 000/-, depending on sustainability and age of applicant 
    • Maximum payment term: 30 yrs, depending on age 
    • Applicant should be the Sole or Co-Owner of a plot of land 
    • Should not be a pensioner 

2nd HOUSING LOAN SCHEME (2nd HLS)

Purpose: 
For construction of a Second house (New Construction) 

 

Conditions: 

    • Maximum Loan Amount : SR175, 000/-, depending on sustainability of applicant 
    • Maximum Repayment Term: 30 yrs depending on age 
    • Must have “Permission To Build” from the owner of the property 
    • Maximum Area of House Plan :55 - 60 sqm 

HOUSE EXTENSIONS SCHEME (Hse. Ext.)

Purpose:
For the Construction of one extra bedroom Bathroom only 

 

Conditions:

    • Must have “Permission To Build” from the owner of the property 
    • Maximum Loan Amount : SR75, 000/- 
    • Maximum are of House Plan: SR 20sqm 
    • Maximum payment term: To be determined by HFC 
    • Interest: To be determined by HFC 

HOME IMPROVEMENT LOAN (HIL)

Purpose: 
For Minor Maintenance/ Renovation Works 

 

Conditions: 

    • Maximum Loan Amount : SR50, 000/-, depending on sustainability and age of applicant 
    • Maximum payment term: 5 years (Fix) 
    • Monthly Repayment: SR 1000 - SR1100 
    • One HIL per Household 
    • Should be able to sustain the loan 
    • Control over disbursements 

    LAND LOAN

    Purpose:
    To purchase land from the Government/Private 

     

    Conditions:  

      • Must have “Promise of Sale” from the owner of the property 
      • Maximum Loan Amount : SR150, 000/-, (To Purchase Private Land – The Cost of Land purchased from the Government is generally much lower) depending on sustainability of applicant and value of the property 
      • Determine by the viability of the investment. 
      • Maximum payment term: To be determined by HFC 
      • Interest: 11% 

    LAND AND HOUSE LOAN

    Purpose: 
    To purchase an existing property 

     

    Conditions: 

      • Must have “Promise of Sale” from the owner of the property 
      • Maximum Loan Amount : SR500, 000/-, depending on applicant’s sustainability and value of the property 
      • Determined by viability of the investment 
      • Maximum payment term: 30yrs 
      • For Purchase of Land + House
      • Interest

    IMPORTANT REQUIREMENTS REGARDING ALL APPLICATIONS

    • All application must be done through the respective electoral district
    • Documents of importance
      • National Identity Number
      • Pay slip
      • Title Deed (Loans)
      • Permission to Build (2nd HLS, Hse Ext)
      • Approved House Plan (2nd HLS, Hse Ext)
      • Promise of Sale ( Purchase of Property and Land)