Contact Address Details:
 Home
Finance Co. of Gambia Ltd.
Website: www.hfc.gm
Headquarters
2nd Floor Trust Bank Building
Westfield Junction
Kanifing
Gambia
West Africa
Tel no: 4376375
4376376
4398264
Fax:
4398349
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Information:
The
Home Finance Company of The Gambia Ltd. (HFC) are a Gambian based
mortgage firm offering home loans to individuals to purchase residential
properties.
They claim to offer low rate financing and flexible interest rates.
• HFC House Purchase Mortgage (HPM):
This product is a mortgage financing facility
designed to assist prospective buyers to purchase residential
properties on the market. It is flexible and can be personalised to the applicant’s
requirements. Maximum repayment term of 20 years applies.
Applicants under the HPM may be resident, non-resident Gambians or
corporate customers, with verifiable and sustainable monthly incomes
sufficient to repay the loan within a specified term. The maximum term
for this line of credit facility is 15 years for resident Gambians and
10 years for non-residents or the equivalent of the applicant’s
residual working life, whichever is earlier. Business HPM loans are for
periods of 5 to 7 years. Joint applications between spouses,
parent/child and siblings are permitted.
Borrowing shall not exceed 70% of the value of the house. The maximum
loan amount for a corporate request is 15% of the net worth of the
entity or as determined from time to time by HFC. Any additional
amount required, in excess of the approved loan, must be contributed
by the applicant, or obtained through a joint financing arrangement.
Clear and undisputed title to the property, duly registered, together
with all necessary permits, and approved building plans are necessary
requirements. An applicant will be required to make a minimum down
payment of 30% of the cost of the house and secure the
loan with the property under a mortgage deed.
Three factors determine what your monthly payment amount is: -
(1) Mortgage amount
(2) Repayment period
(3) Interest rate charged
• Home Completion Mortgage:
This plan is designed to assist
applicants with money to complete the construction of their
incomplete house in Gambia. The facility is available for applicants with
verifiable and sustainable incomes, and the ability to repay the loan
within a specified term.
Loans shall not exceed 70% of the total cost of construction of
the property. Applicants are therefore required to have contributed,
at least, 30% of the total construction cost.
• Equity Release:
They also offer home equity loans which enables
home owners to realise the equity accumulated in their house to
increase their purchasing power by refinancing their house. The equity
released should be used in a meaningful manner.
With the Home Equity
mortgage loan, HFC will lend to qualified homeowners up to 80% of the
equity vested (forced sale value) in their properties. Where
prospective borrowers have existing loans on their buildings, HFC
would seek to consolidate them with the expected credit advance where
possible to become the first lien holder.
• Home Improvement
Loans:
This HFC scheme offers home owners money to undertake improvements or
renovations and extension works on their existing house in Gambia.
NOTE:
Monthly Installments:
The amount of monthly installments will be the projected amount
required to amortize the loan over the agreed period.
Disclaimer
The
information above may have changed since this page was last posted so
you should check details with the above mentioned home loans company
directly before making any mortgage or other decisions.
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