A tailor-made loan for the senior citizens is being offered by Mauritius Housing. The Senior Smart Loan will range from Rs 50,000 to Rs 1 million and will waive the insurance that has to be taken for a housing loan. It is concerned to both Mauritians and Rodriguans
This scheme was officially launched on Wednesday 29 at the MHC premises. “The Senior Smart Loan will not require any insurance or a PEL account at the MHC and can be a person with or without a salary, except a medical certificate will be asked to determine the person’s health condition that may jeopardise his eligibility. Among other eligibility requirements, the applicant must be between 60 and 70 years of age and perceive have a government pension,” said Anand Babbea, Managing Director of the MHC.
The repayment period will be extended to ten years and will be on an interest rate of 5.45% per annum. To justify the calculation behind the Senior Smart Loan, “with the increase in pension from Rs 3500 to Rs 9000 a senior citizen can easily pay his monthly instalment. In case of misfortune, it will be up to the heir to repay the remaining amount,” says the MHC MD.
This housing loan can be used for land acquisition, construction, renovation or refinancing of an existing loan. There are many possibilities. Interested parties are requested to register at one of their offices in Port Louis, Curepipe, Flacq, Moka, Triolet, Goodlands, Bambous, Rose- Belle and Rodrigues.
