What is a Step Up Loan?
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.
What is the interest rate for Step Up Loan?
7% – 1st year, 8% year – 2nd year, from the 3rd year and onwards – 10%
Is there any promotion when pay 50% or more down payment as a standard Home Loan?
7% – 1 year, 8% for the second year and 8.5% for the third year and onwards
What is the minimum and maximum Loan Period?
Loan period is from 8 up to 25 years.
What is the loan amount approved by the Bank?
The Bank will approve maximum 75% of the assessed property value.
What is the minimum down payment?
Minimum down payment is 25% of the assessed property value.
Is there any service Fees?
The service fee – 2% of the loan amount once in entire loan tenor
Who are eligible for the Step Up Loan?
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
When does first monthly repayments start?
Monthly interest and principal (EMI) must be paid after 30 days from the date the loan disbursed.
Is it possible to settle the full loan amount before the loan maturity date?
Early Repayment is possible only after 3 years (36 monthly installments).
What are the conditions to settle the loan before the loan maturity date?
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.