Step Up Loan is a Loan where Equated Monthly Instalments (EMIs) increased every year with the steps in the first 3 years and remain fixed from the third year onwards as compared to the standard loan which is intended to avail the Home Loan with reasonable interest rate.
7% – 1st year, 8% year – 2nd year, from the 3rd year and onwards – 10%
7% – 1 year, 8% for the second year and 8.5% for the third year and onwards
Loan period is from 8 up to 25 years.
The Bank will approve maximum 75% of the assessed property value.
Minimum down payment is 25% of the assessed property value.
The service fee – 2% of the loan amount once in entire loan tenor
Salaried employees, self-employed customers, sailors, professionals and contract employees who can prove a stable income for the last 6 months. Myanmar nationals and expats married to Myanmar Nationals Age at least 18 years old, not more than 65 years old
Monthly interest and principal (EMI) must be paid after 30 days from the date the loan disbursed.
Early Repayment is possible only after 3 years (36 monthly installments).
If the loan settled before 8 years, the customer must pay the difference between the special interest rate and the standard interest rate. But the borrower does not need to repay any interest rate difference fo the settlement after 8 years loan tenor.