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
• 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
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
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
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
The amount of monthly installments will be the projected amount
required to amortize the loan over the agreed period.
The information above may be out of date so you should check
details with the above mentioned home loans company directly
before making any mortgage or other decisions.