HFC has reduced its home loan interest rate from 5.5 per cent to 4.5 per cent for the first 12 months, following a board decision.
"The Super Dream Loan Package was launched on 8th December 2011 at Holiday Inn by Hon. Aiyaz Sayed-Khaiyum — Attorney-General and Minister for Justice, Anti-Corruption, Public Enterprises, Communications, Civil Aviation, Tourism, Industry and Trade," chief executive officer, Isikeli Tikoduadua said.
"The product has been quite successful with impressive results so far but we have found that market dynamics have changed in the last six months or so, and it is timely important for us for to review," he added.
"HFC has complete home solution with insurance, mortgage protection, valuation and security documentation, all under one roof. The minimum amount to borrow for this product is $30,000 to a maximum of $500,000. The equity is just 10 per cent and the rest is covered through special insurance scheme (Excess Loan Guarantee). The variable rate after 12 months will be 7.5 per cent."
Mr Tikoduadua said the product was available for those who had land or would like to purchase land and build.
"This also supports the refinance cases provided additional $30,000 is taken to upgrade the houses. The whole objective is not only to simulate the construction industry but support the government's home ownership program," Mr Tikoduadua said.
"The customers would be able to qualify for the Vat refund, announced in the National Budget, by the Prime Minister last year."
He added that there were some other products and expansions programs for HFC as the company moves into the new financial year.