Home Improvement Loan

HSBC BM
Loans
Home improvement loan

Fund your home improvements

Whether you’re planning a new kitchen, updating your furniture or considering a loft conversion, we could help you build your ideal home.

How to apply for a Home improvement loan

Why get a Home Improvement Loan?

Separate to your mortgage

Improve your home without borrowing against it or affecting the terms of your mortgage deal.
Unsecured interest rates from 7.5%

Competitive rates, with no overpayment fees - which could reduce the amount of interest you pay.

Choose your term

Spread your repayments over 5 years, or less if you prefer. We'll help you find the best term for you.
No money down

You won't need cash to secure your loan.

Interest rates

Unsecured Home Improvement Loan

An unsecured loan doesn't require property or cash as a guarantee.
Your account type	Term	Repayment type	Rate
Premier	Up to 5 years	Principal and interest	7.5%
Advance	Up to 5 years	Principal and interest	8%
Personal	Up to 5 years	Principal and interest	8.25%

An unsecured loan doesn't require property or cash as a guarantee.
Your account type	Premier
Term	Up to 5 years
Repayment type	Principal and interest
Rate	7.5%

Your account type	Advance
Term	Up to 5 years
Repayment type	Principal and interest
Rate	8%

Your account type	Personal
Term	Up to 5 years
Repayment type	Principal and interest
Rate	8.25%

Secured Home Improvement Loan

A secured loan requires cash or property as a guarantee. By providing collateral, you may be able to access lower interest rates.
Your account type	Term	Repayment type	Rate
Premier	Up to 5 years	Principal and interest	6.75%
Advance	Up to 5 years	Principal and interest	7.25%
Personal	Up to 5 years	Principal and interest	7.5%

A secured loan requires cash or property as a guarantee. By providing collateral, you may be able to access lower interest rates.
Your account type	Premier
Term	Up to 5 years
Repayment type	Principal and interest
Rate	6.75%

Your account type	Advance
Term	Up to 5 years
Repayment type	Principal and interest
Rate	7.25%

Your account type	Personal
Term	Up to 5 years
Repayment type	Principal and interest
Rate	7.5%

Things you should know

Who can apply?

To apply for a Home Improvement Loan, you need to be:

Over 18
An existing HSBC customer
A resident of Bermuda

What documentation will I need?

Before we can approve your loan you'll need to provide ID, plus proof of address and income.

You'll also need to show us an invoice for your home improvement works.

If you're Bermudian we'll need one of the following:

Passport
Bermuda Driver's Licence
Bermuda Voter's Registration Card
Special Person's Card

If you're not Bermudian, we'll need both of the following:

Passport
Evidence of your tie to Bermuda (e.g. work permit, spouse letter, Permanent Resident's Certificate)

Current identification documents are required for each applicant and must include your full name.

If you're a permanent resident we'll need one of the following:

Driver's license
Lease agreement
Utility bill (i.e. BELCO)
Home insurance
Pay stub
Bank statement
Letter and copy of ID from the person you live with

If you're a temporary resident we'll need one of the following:

Work permit
Employment letter

Please ensure these are original documents, in your name, and are no more than 3 months old.

If you're employed, we'll need:

Bank statements or pay stubs for the past 3 months (not required if your salary is direct deposited with HSBC)

If you're self employed, we'll need:

Payroll Tax returns or financial statements for the past 2 years

If you collect income from a rental property, we'll need:

Copy of signed rental agreement and 2 account statements showing rental income (if not direct deposited with HSBC)

If you have credit cards with other banks, we'll need:

A copy of your latest statement/s

How to apply

Apply online

If you're registered for online banking, you can complete an online application form, as follows:

Log on to online banking
Go to 'Our Products', then choose 'Online Applications' from the top navigation and select 'Loans'

Log on and apply for a Home improvement loan

Apply by phone

Make an appointment by calling us today on

+1 441 299 5959

Frequently asked questions

A secured loan is protected by an asset or collateral until the loan has been repaid in full. Your loan can be secured against a car, property, cash or another asset of value. If you do not repay your secured loan, we may repossess your asset.

An unsecured loan is money that you borrow without having to use something you own as collateral.

Yes, you will need to provide a quote with the cost of your intended purchase. Additional documentation could be required depending on your circumstances.

Your monthly loan payment will be debited from your HSBC current or savings account on a date of your choosing. Each month you must ensure that the funds are in the account on the date your payment is due.

You can make additional payments on your loan to help pay it off sooner and ultimately reduce the overall cost. There is also no charge if you pay off the entire loan at one time. To make additional payments or pay off the loan, you must provide a signed a letter detailing the account the payment is coming from. You can drop this off at the customer service desk at any HSBC branch.

You can borrow between $500 and $80,000.

The amount you can borrow will depend on your circumstances.

Personal Loan

Borrow between $500 and $80,000 with no money down.

Loan rates

Find out our latest interest rates.

Loan Protection Insurance

We don't just underwrite policies; we support the promises you make to your loved ones.

Additional information

This product and service is offered only in the jurisdiction of Bermuda by HSBC Bank Bermuda Limited and the material presented is not intended for use by persons located in or resident in other jurisdictions.

Issued by HSBC Bank Bermuda Limited, of 37 Front Street, Hamilton Bermuda, which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.

Fund your home improvements

Save up to $200 when you apply online

Why get a Home Improvement Loan?

Interest rates

Unsecured Home Improvement Loan

Secured Home Improvement Loan

Things you should know

Who can apply?

What documentation will I need?

Identification

Proof of address

Proof of income

How to apply

Apply online

Apply by phone

Frequently asked questions

What's the difference between secured and unsecured loans?

Will I need to provide documentation to support my application?

How do I make payments on my loan?

Can I make extra payments or pay off my loan early?

How much can I borrow?

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