HFC Bank is reducing its home loan rates to 6.99 per cent.

General manager retail banking Tony Ram made the announcement yesterday at their head office in Victoria Parade, Suva.

Mr Ram says as the local leading bank in Fiji, HFC has one of the most attractive home loan packages.

“Currently our home loan variable rate is 7.5 per cent and we are reducing it to 6.99 per cent.”

Key highlights below:

-Fixed rate for 12 months – 4.50 per cent (very competitive in market). This would actually assist customer to buy a house at ease and really help with budgeting.

-Variable rate – 6.99 per cent (Reduced from 7.50 per cent to stay competitive in market)

-While having one year fixed, it would assist customer to settle. At the same time a low variable rate would bring about more flexibility in their repayment throughout their entire loan period.

-Lowest Equity of 10 per cent

-Cash and/or;

-FNPF Housing Eligibility amount and/or;

nThe surplus offered as security value and/ or

-Insurance can be built in repayments for ease of customer

-In house valuation to fast-track valuation needs

-Legal costs can be added to the loan

-Consolidation of all other loan debts with mortgage.

-For potential customers to HFC, there won’t be any changes made to requiring a loan as normal procedures will take place in terms of verifying source of income.

-Effective date of this new home loan rate will be announced later.

Mr Ram adds this decrease in home loan rates is an indication of HFC’s profitable growth for the last financial year.

HFC Bank past Friday announced a net profit after tax for the year ending June 2019 of $18.267m, a 55 per cent growth from previous financial year.This represents growth in NPAT in excess of $10m in the last two years.

HFC Bank general manager retail banking Tony Ram.

Mr Ram highlighted the contributing factors to the steady growth was :

-The core reason was good assets writing and increase in our loan book,

-a lot of new clients on board HFC,

-a lot of new business for HFC, strong profit growth purely from hard work,

-a lot of new loans, new businesses.

-There’s things that we have been doing right in the past few years and the past 18 months.

Feedback: laiseana.nasiga@fijisun.com.fj