MHC News

Flexi Loan

Renovate, Repair, Refinance

Purpose

With the Flexi Loan, completing your house, carrying out small renovations and repairs, refinancing existing debt or else financing other minor project has never been easier. This hassle-free solution is here to give you peace of mind and in turn, help us retain our clients for a longer period.

Proposed Rate of Interest

The rates proposed for the new Housing Personal Loan are:

  • 6.90% per annum for Salary deduction Authority (SDA)
  • 7.40% Per annum for Bank Standing Orders (BSO)

Features

The main features of this new product are as follows:

  1. Loan amount: Rs 1,500,000
  2. Period: up to 120 months (10 years).
  3. Repayment Mode: Salary Deduction Authority/Bank Standing Order
  4. A Floating Charge will be applicable to loans between Rs 1m to Rs 1.5m
  5. Both new and existing clients can benefit

Fees and Charges

The client should bear all fees and charges from his or her own funds.

Fees and charges to be maintained as per policy:

  • Processing Fee -

    Up to Rs 0.5m - Rs 3000 (Flat)
    Between Rs 0.5m to Rs 1m - 0.65% of the Loan Amount
    (Rs 3,250 to Rs 6,500)
    Between Rs 1m to Rs 1.5m - 0.75% of the Loan Amount
    (Rs 7,500 to Rs 11,250)

  • Medical & Policy fees – Rs 750
  • Service charge monthly- Rs 100

Documentation required from clients

- National Identity Card of applicant and Intervening Party (if applicable).

- Recent utility bill of applicant (less than 3 months).

- Birth certificate of applicant and Intervening Party (if applicable).

- Marriage certificate of applicant (if applicable).

- 3 last salary slips of applicant.

- 3 last bank statements of applicant.

Purpose

With the Flexi Loan, completing your house, carrying out small renovations and repairs, refinancing existing debt or else financing other minor project has never been easier. This hassle-free solution is here to give you peace of mind and in turn, help us retain our clients for a longer period.

Proposed Rate of Interest

The rates proposed for the new Housing Personal Loan are:

  • 6.90% per annum for Salary deduction Authority (SDA)
  • 7.40% Per annum for Bank Standing Orders (BSO)
Features

The main features of this new product are as follows:

  1. Loan amount: Rs 1,500,000
  2. Period: up to 120 months (10 years).
  3. Repayment Mode: Salary Deduction Authority/Bank Standing Order
  4. A Floating Charge will be applicable to loans between Rs 1m to Rs 1.5m
  5. Both new and existing clients can benefit
Fees and Charges

The client should bear all fees and charges from his or her own funds.

Fees and charges to be maintained as per policy:

  • Processing Fee -

    Up to Rs 0.5m - Rs 3000 (Flat)
    Between Rs 0.5m to Rs 1m - 0.65% of the Loan Amount
    (Rs 3,250 to Rs 6,500)
    Between Rs 1m to Rs 1.5m - 0.75% of the Loan Amount
    (Rs 7,500 to Rs 11,250)

  • Medical & Policy fees – Rs 750
  • Service charge monthly- Rs 100
Documentation required from clients

- National Identity Card of applicant and Intervening Party (if applicable).

- Recent utility bill of applicant (less than 3 months).

- Birth certificate of applicant and Intervening Party (if applicable).

- Marriage certificate of applicant (if applicable).

- 3 last salary slips of applicant.

- 3 last bank statements of applicant.

2022 MHC - Mauritius Housing Company Ltd