Housing loan: MHC lowers interest rate as from 6.3%

“Our goal is to help families of the middle class to build the home of their dreams,” says the president of the MHC, Mahmad Khodabaccus. In this context, he says, the interest rate has been lowered from 7.25% to 6.3%. The duration of the campaign will last for four months so as to allow maximum Mauritians to benefit from this rate. It should be noted that the same interest rate, that is 6.3%, will apply over all the years until repayment. “There will be no change in the rate,” he assures. Zero handling fee For example, if a customer takes a loan of Rs 1 million, he has, today, a cost of Rs 10,000 in terms of handling fee. But under this campaign, the customer is exempted from the fee. The latter can therefore invest the saved money towards building of his house. It should be noted that normally, customers pay a maximum of Rs 25,000 as handling. Free architectural plans Customers will also benefit from free architectural plans by qualified architects. However, this will depend on the size and the type of houses to be built. Customers can also take advantage of technical advice given freely by officers of the MHC during the building process. Example: type of iron bars to be used, the distances that need to be left with the neighbours, buffer to keep from the highway, etc. Emphasis will also be laid on eco-friendly construction, that is, the type of opening to be constructed to have maximum lighting in order to save on electricity and also for maximum air circulation so as not to use air conditioning. “While competitors often offer the architectural services and technical advices at an exorbitant price, at the MHC, we offer these types of services for free,” says Mahmad Khodabaccus. He states that the MHC employees have the experience and expertise required to provide these services. Major projects in 2016 MHC is the owner of a plot of land to an extent of 5469.13 sqm along Route Malartic, Rose Hill. MHC now intends to develop the land and to propose an apartment complex (around 48 apartments). The apartment complex will consist of building blocks of ground plus 6 floors comprising of 3 bedrooms apartments and penthouses. Feasibility study and market survey will be carried out during 2016. The project has been estimated to be around Rs 100 million and a sum of Rs 5 million has been provided for the market survey and appointment of consultants. Residential Development at Terre Rouge MHC is the owner of a plot of land to an extent of 30,051 sqm at Le Hochet, Terre Rouge. The institution intends to develop the said plot of land and to propose a mixed type of residential development consisting of individual houses, apartments, duplexes and row houses. The development will comprise of approximately 119 units. The project has been estimated to be around Rs 250 million. Feasibility study and market survey will be carried out during 2016 and a sum of Rs 10 million has been provided for the market survey, appointment of consultants and to kick off the project after a favourable response of the market survey. [[{"type":"media","view_mode":"media_large","fid":"8151","attributes":{"class":"media-image wp-image-15172 alignleft","typeof":"foaf:Image","style":"","width":"267","height":"212","alt":"Mahmad Khodabaccus"}}]]MHC/SLDC residential Project The State Land Development Company is the owner of plots of land in the region of Highlands (approx. 600 Acres) and they intend to develop these lands into a Smart City. The Highlands Smart City will compromise a series of key elements that describe the spatial relationship that will guide this development; namely, higher density residential development and future residential settlement. The Chairman of MHC and CEO of SLDC (Mr. C Wong So) had a preliminary meeting whereby discussion for a partnership between MHC and SLDC for the development of an affordable housing project within the Highland Smart City was held. A sum of Rs 10 million has been provided to cater for any expenses in relation of market survey and consultancy fees. Other projects in the pipeline Plaisance Estate Ltd is in negotiation with MHC to have the exclusivity to provide loan facilities to clients who wish to acquire apartments in the complex. The whole complex of 250 apartments will be constructed in two phases, with the construction of 125 units in the first phase.