Terms and Conditions - MauBank Financial Support Scheme for New Loans

In addition to the schemes for existing customers, three schemes have also been devised specifically for new applications.

This scheme offers customers & non- customers the opportunity to avail of a home loan with a rebate on interest for a period of one year. By providing this incentive, we aim to encourage homeownership and stimulate the housing market.

1. Features

1.1 Rebate on Interest for Home Loan:

• A Rate of interest at Key Rate + 1% applies for the 1st year.  Thereafter, the rate of interest sanctioned on the basis of PLR at the time of application for acquisition/construction, renovation and refinancing of housing loan from other institutions will apply. The Processing fees will be at 1% of Loan amount
• Moratorium on Capital repayment up to 12 months may apply for construction/or renovation of house, even if construction/renovation is completed before 12 months.

Eligibility

• The scheme applies to Home Loans of not more than Rs 5 million.
• The Household income should not exceed Rs 100,000 per month
• The scheme is applicable to all existing MauBank customers and new onboarding.
• The scheme is applicable to both salaried and self-employed customers, either singly or jointly, as per the Bank’s criteria with respect to facilities being availed jointly.
• It is applicable for the acquisition of residential bare land, residential land & building, for construction, renovation* of house and for refinancing of housing loan from other *
• A past track record inclusive of but not limited to MCIB, Search report and Bank Statement is required.
• The DTI, excluding credit card, should not to exceed 50% of monthly income.
• The maximum repayment tenor is 30 years, or up to the age of 65 years
• Security on the loan will be as per bank’s lending criteria
• Financing will be:
  

  I. up to 100% for first housing unit, for salaried customers.
  II. up to 80% for first housing unit for self-employed individuals.
  III. up to 70% for second/subsequent housing unit (or above 70% on a case to case basis)
  IV. The refund of 5% of loan amount up to a maximum of Rs 500,000 will apply as per the Terms and Conditions of the Home Ownership Scheme and the Home Loan Payment Scheme under the Finance Act 2021.
  
  *Facility taken for renovation purpose whereby there will be no structural change, and facility taken for refinancing of housing loan from other institutions will not be eligible to the 5% refund as per Finance Act 2021

1.2 Education Loan with on Rebate Interest:

• This scheme offers an education loan with a rebate on the interest charged. The scheme aims to make education financing more affordable and accessible.
• A Rate of interest at Key Rate + 1% will apply for the 1st year.   Thereafter, the rate sanctioned at the time of application, on the basis of PLR ,will apply.A Processing fee at 1% of Loan amount will apply.
• A Moratorium on Capital repayment during the full study period will apply as per Existing Education Loan Scheme.

Eligibility

• The scheme applies to all existing MauBank customers and new onboarding.
• It applies to both salaried and self-employed customers, either singly or jointly, as per the Bank’s criteria with respect to facilities being availed jointly.
• Evidence of courses applied for and cost of courses will be required.
• A past track record inclusive of but not limited to MCIB, Search report and Bank Statement is required.
• The DTI, excluding credit card, should not exceed 50% of monthly income
• The Security will be as per the bank’s lending criteria.
• The Financing will cover up to 100% of Study costs including accommodation, living expenses and air tickets.

1.3 Equity Loan with Rebate on Interest:

• This scheme allows existing MauBank home loan customers to secure an equity loan for personal commitments, or for refinancing of existing debts to reduce their monthly financial obligations.
• The Rate of interest will be at MauBank Prime Lending Rate.
• The Processing fee will be at 1% of Loan amount.
• The Loan Amount will be not more than Rs 500,000.

Eligibility

• Only existing Home Loan customers are eligible for the Equity Loan.
• It is applicable to both salaried and self-employed customers, either singly or jointly, as per the Bank’s criteria with respect to facilities being availed jointly.
• A past track record inclusive of but not limited to MCIB, Search report and Bank Statement is required.
• The DTI, excluding credit card, should not to exceed 50% per month.
• The Security will be as per the bank’s lending criteria.