Home Construction
Loan

Flexible housing construction facility for you to fulfill your housing needs while earning additional income to service the facility

The Essentials

  • The minimum loan amount will be MVR 250,000/- while maximum amount of a loan would be MVR 20,000,000/-
  • Loan Repayment within 10 years
  • Maximum Grace period of 1 year
  • 30% of equity contribution
  • A floating primary mortgage bond over the property being financed by the Bank to be obtained to secure the facility

Loan Purpose

You could obtain a Home Construction Loan for a variety of purposes:

  • Construction of House where the land is already owned by applicant and/or immediate family members (Spouse, parents or children)
  • Completion/ Renovation/ Extension to an existing house
  • Refinancing loans granted by other banks for housing purposes

Interest Rate and Charges

Interest will vary depending on the agreed loan tenor (Excluding grace period)

  • Up to 05 years- 10.05% p.a.
  • Above 05 years up to 08 years- 11.0% p.a.
  • Above 08 years up to 10 years- 11.5% p.a.

In addition, 0.5% of the Loan amount as an Arrangement Fee with maximum MVR 25,000/- and borrower needs to bear the cost of all insurance policies, legal and valuation fees

Benefits of a Home Loan

You can obtain to finance the construction of apartment building and earn additional income from renting out other floors while occupying and service the Bank Loan

Terms & conditions apply

Product information and terms & conditions are subject to change from time to time.
Therefore, it is advisable to contact the Bank for the latest information and prevailing terms & conditions.

The Essentials

  • The minimum loan amount will be MVR 250,000/- while maximum amount of a loan would be MVR 20,000,000/-
  • Loan Repayment within 10 years
  • Maximum Grace period of 1 year
  • 30% of equity contribution
  • A floating primary mortgage bond over the property being financed by the Bank to be obtained to secure the facility