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Personal Guarantee Loans
The Personal Guarantee Product caters to applicants who do not have any real assets to guarantee any loan from the Corporation. Under this product, the Corporation will accept the personal guarantees of a maximum of four (4) working family members, friends, spouses, employed children, or any person with a verified income. They provide the necessary guarantee for the recovery of loan funds should the borrower default on the loan repayments.
The maximum loan amount is $30,000, and it is repayable for a maximum term of five (5) years.
The current interest rate is 14% per annum, but it is subject to change based on the Board of Directors’ approval.
Requirements Checklist and Form
Mortgaged Loans
The maximum amount of borrowing under this product is up to $250,000.
Based on a point-scoring system assessment, the annual Interest rate varies from 8 to 11%. The minimum loan term is 15 years, but it can be extended to 25 years if necessary.
Requirements Checklist and Form
Land Purchase
The Land Purchase caters specifically for applicants who wish to buy freehold land for residential purposes. The land purchased from the loan will be held as the loan security through a legal mortgage charge over the land and any improvements thereon. The land has to provide adequate value to secure the total loan.
Under this product, a Land Equity of 30% (can be flexible) of the land price must be deposited with the Corporation as part of the applicant’s commitment towards the land cost. The equity payment will minimize the Corporation’s lending exposure and aim to assess the applicant’s level of commitment.
The maximum amount of borrowing under this product is up to $250,000.
The annual Interest rate varies from 8 to 11%, based on the Corporation’s point-scoring system assessment.
The minimum loan term is 15 years but can be extended to 25 years if necessary.
Payment Options
Cash Payment
Direct payments to the cashier at any Samoa Housing Corporation’s office in Apia and Salelologa Branch
Opening Hours (Main Branch – Upolu):
Monday – Friday 9:00am – 4:00pm
Saturday – 9:00am – 1:00pm
Opening Hours (Savaii Branch):
Monday – Friday 9:00am – 4:00pm
Overseas Remittances
We offer the convenience of utilizing overseas remittances for your payment needs. Clients can arrange payments from overseas remittances for loan repayments or other transactions.
Direct Deduction
Direct salary deduction Corporation form can be obtained from any Samoa Housing Corporation branches to be filled. Employer to acknowledge and endorse to activate account towards loan repayments.
Bank Deduction
Direct Bank deduction can be arranged via all banks in Samoa for loan repayments as well as overseas bank to bank transactions. Client to fill in authority to Deduct from either: ANZ Bank Samoa, Samoa Commercial Bank, National Bank of Samoa