Quick Mortgage (Lien against Fixed Term Deposit)

Your loan thanks to your Fixed Deposit

Purpose

The purpose of the loan against Term deposit will serve to meet all housing related needs e.g.-renovation, repairs, house completion, refinancing existing debt or financing other minor project easily and hassle free. We are here to make your life easier.

Proposed Rate of Interest

The Interest chargeable will be 2.5% on the deposit rate linked to Repo Rate.

Features

The main features of this new product are:

  1. This loan scheme will be opened to all clients -existing and new- who will or have already invested in our Housing Deposit Certificate scheme.
  2. The maximum loan amount that will be granted will be 90% the amount held as fixed deposit in the HDC.
  3. Loan period: 10 years (120 months): up to the maturity period of the Term deposit.
  4. MHC will hold on to the Original HDC certificate until the full tenure of the loan.
  5. Eligibility criteria will be calculated mainly based on income.  However, if interest is paid monthly, then this can also be considered for monthly repayment of the loan.
  6. Turnaround time to service the client and disburse the loan will be 10 working days.
  7. Tenure:  The tenure of the loan should be equal to the period of the Term Deposit held at MHC.  In case the client has to take the loan for a longer period, then the fixed term deposit will be automatically renewed at the prevailing terms and conditions.

Mode of Repayment

  1. Interest Monthly Payment

The fees structure

The fees structure proposed is as follows:

Processing fee : Rs 500
Medical and policy fee : Rs 650 - Payable at the time the proposal for DBLA is submitted and before the medical examination is conducted.
Monthly Service Charge : Rs 100
Purpose

The purpose of the loan against Term deposit will serve to meet all housing related needs e.g.-renovation, repairs, house completion, refinancing existing debt or financing other minor project easily and hassle free. We are here to make your life easier.

Proposed Rate of Interest

The Interest chargeable will be 2.5% on the deposit rate linked to Repo Rate.

Features

The main features of this new product are:

  1. This loan scheme will be opened to all clients -existing and new- who will or have already invested in our Housing Deposit Certificate scheme.
  2. The maximum loan amount that will be granted will be 90% the amount held as fixed deposit in the HDC.
  3. Loan period: 10 years (120 months): up to the maturity period of the Term deposit.
  4. MHC will hold on to the Original HDC certificate until the full tenure of the loan.
  5. Eligibility criteria will be calculated mainly based on income.  However, if interest is paid monthly, then this can also be considered for monthly repayment of the loan.
  6. Turnaround time to service the client and disburse the loan will be 10 working days.
  7. Tenure:  The tenure of the loan should be equal to the period of the Term Deposit held at MHC.  In case the client has to take the loan for a longer period, then the fixed term deposit will be automatically renewed at the prevailing terms and conditions.
Mode of Repayment
  1. Interest Monthly Payment
The fees structure

The fees structure proposed is as follows:

Processing fee : Rs 500
Medical and policy fee : Rs 650 - Payable at the time the proposal for DBLA is submitted and before the medical examination is conducted.
Monthly Service Charge : Rs 100
2020 MHC - Mauritius Housing Company Ltd