The Self-Financing Scheme was initiated by the Government in 2015 to ensure that Seychellois families receive housing assistance sooner by financing their house through a loan. The project started as a pilot in 2015 with 66 families who obtained mortgaged loans from Commercial banks and HFC. A further 73 families have received offer letters under this scheme, the process is ongoing for the construction of their units.

These loans are forwarded to PMC and PMC pays the contractor accordingly, in line with the work scheduled. PMC do not manage these properties once they have been completed. The properties are transferred to the private individuals who obtained the mortgaged loans.

Once a purchaser has completed payment of the house, survey is undertaken, beacons are placed if not already in position and the property is transferred to the client.

There are certain cases whereby approval has been granted to transfer the property to the client prior to completion of repayment. This is termed a special housing loan. Normally, these are cases whereby the houses have been built on owner’s property or the client requires the title deed to facilitate a loan for one of their children for a second house. Normally, certain condition must be met and a charge is placed on the property until the client pays off PMC.

Social condominium refers to blocks of flats constructed by the Government and sold to the housing applicants. PMC is in the process of transferring these properties to beneficiaries who have paid off their units under the house purchase agreements. The process has started for the transfer of 20 estates of this type. 2 estates, namely Bois Blanc and Mandarin estate, have already received their title deeds. Clients has signed title deeds for 3 estates in 2018, namely Ex Geers St Louis, Rochlane, Bel Air and Chetty Flat, Anse Aux Pins. The other estates are either being surveyed, or the plans /deeds are being registered pending transfer.

For social condominium transfer, the purchasers receive a title deed for their respective unit. All clients have equal rights to the common areas which shall remain the property of PMC. It is in the plan that the different estates shall form their committees to manage their block of flats after they have received their deeds. A service fee shall be paid to maintain the grounds and other common elements.