Home Loan FAQs
Home Loan FAQs
If the customers would like to buy a house connecting with KBZ Bank, they can get the information and apply the loan via Web App, KBZ Bank Sales Centre specially opened for Home Loan. The KBZ Home Loan website www.kbzbank.com and the following Sales Centres:
(1) Shwe Dagon Pagoda Road Branch
(2) Thingangyun Branch (1)
(3) Kamayut Branch (2)
(4) Thingangyun Branch (2)
(5) Magway Branch (1)
(6) Mandalay Branch (22)
(7) Monywa Branch (3)
(8) Taungyi Branch (1)
(9) Pyin Oo Lwin Branch (2)
(10) Theingyi Zay Branch
(11) Latha Branch
(12) Htauk Kyant Branch
(13) Bayint Naung Branch (3)
(14) Mandalay Branch (6)
(15) Mandalay Branch (1)
(16) Mawlamyaing Branch (1)
After you have submitted the required documents and details completely there, you can know whether you are eligible for the loan.
If the Home Loan applicant is “Individual” (or) “Employee”
- National Registration Card
- Passport Copy (if any)
- Photo (Passport Size)
- House Hold Registration Copy (to show the original)
- Recommendation of residence by the Ward
- Recommendation of the respective company, department and employer
- Pay slip (or) Salary slip stating the monthly income
- 6 Months Bank Statement
the customer needs to apply with these above requirements.
It will take between 10 to 14 working days from the time completed documents are received by us.
Currently, we are planning to offer the loan amount up to 75% of the property value. That percentage varies based on the value of the property, i.e. 75% loan amount for the property value up to 150 Million, 70% loan amount for the property value up to 200 Million and 65% loan amount for the property value above 200 Million.
The customer can apply the loan with the tenor form (3) to (25) years.
The interest rate is CBM identified interest rate 10% p.a. (it can vary based on the CBM’s instruction). In our newly introduced Home Loan Program, we are offering 8% interest rate for the customers who deposit down payment 50%. We believe that our Home Loan Products can make the Myanmar Citizens’ dream of having an owned house come true.
If they have not got married yet, they can apply jointly.
If the customers can submit the evidence to pay more than the repayment amount, the payment schedule can change to pay more and if customers deposit 50% down payment the interest rate is at 8%. As the loan tenor reduces, the interest payable will be less.
If the customers would like to pay in advance before one year loan tenor, they have to deposit the amount as shown in the first Schedule of the agreement, till the end of 1 year. If the customer prepays between 13-36 months, he has to pay a prepayment penalty of 3% on the outstanding loan amount and if he repays between 37-60 months, he needs to pay 1 percent prepayment penalty on the outstanding amount. There is no prepayment penalty if repayment is done after 60 months.
If they can submit the income evidence that covers the repayment amount in 5 years, they can apply to change the loan tenor after 1 year.
Yes, if they can submit the evidence that they can pay more than the monthly repayment amount, they can ask to change the Payment Schedule to increase the EMI amount and can reduce the interest payable amount by reducing the loan tenor.
We give the funding service to them depending on the income, marine company and sea service.
GP has to be transferred until the loan is fully settled. It does not concern with any other cases and concerns with the ownership management of the apartment.
It is mandatory that to have the fire insurance for the property purchased with the KBZ Bank Home Loan. The customers need to have till the loan tenor has finished and have to renew yearly.
We do not limit the minimum income amount; minimum loan amount is 20 Million. So on a fifteen year tenor the EMI will be 214,921.02. Hence the income should be 537,302 (40% for the salary under 800,000) MMK and the monthly repayment amount can vary depending on the property value, loan amount and loan tenor. We take 45% of the income for calculating the maximum amount for monthly repayment if the salary is above 800,000 MMK.
The applicant should be 18 years old, healthy and have the regular monthly income. He must be able to submit the income statement.
The customer can apply if he chooses the property with the reasonable price and more down payment amount. If he has the spouse, he can jointly apply with the spouse’s income. If he is single, he can jointly apply with the parents/brothers/ sisters who are living in the same residence and have the regular income.
We can buy the property starting from 20 Million of assessed value.
For the apartment, the customer can get from (3) to (15) years. For the Condo and Landed Building, the customer can get from (3) to (25) years only if the grant shelf life is not expired.
If the taxi owners have owner book with their names (or) Grab taxi drivers who can submit the monthly income, they can apply.
Normally, it is required to have the income tax payment if the salary is not paid with the Payroll. If the customers do not have both of them, we will decide based on other income statements.
Yes. With the aim of long-term relationship with the customers, we always record the customers’ personal profile and financial profile and when the customers need financial support, we are always ready to help. If the customer is working with the contract, it needs to submit the updated contract copy whenever it is renewed. The customers need to inform the Bank if they have changed the Job.
We are adjusting to make the repayment up to (45%) if the salary is above one million.
We do not ask any charges from the Developers. However from time to time special schemes will be offered to the selected developers.
After we have received the complete information and documents, our Home Loan process takes working days from (14) days (21) days to get the loan process completed.
For the ready-to-live buildings that have got the BCC, the home loan applicants have to pay the monthly principal and interest at the same time. For the under construction projects, the customer needs to pay the interest on the outstanding amount before the BCC has received and he needs to pay including the principal amount after BCC has received and the seller has handed over the property.
If the seller allows, they can start living there.
Yes, they can. They also have to submit the tax payment slip together.
Not only the BCC is needed for the ready for living buildings in order to live legally, but also the Electricity is needed to be convenient in daily living.
The borrower may not lose the money that they have already deposited. He can withdraw the loan agreement after he has made the full settlement of the outstanding principal and interest.
If the customer does not make the repayment within (30) days after due date, the loan agreement will be automatically cancelled and the bank will take legal actions.
The repayment can be late for (5) days from the due date. But if they are late above (5) days, the penalty 13% will be charged on the overdue amount starting from the date of payment due date. They should not be late more than (30) days. If they are late more than (3) days, the loan agreement will be automatically cancelled and the bank will take legal actions as needed.
The customer can pay the outstanding amount and the bank will charge 3% penalty on the payment amount from (1) year to (3) years and 1% penalty on the payment amount from (3) to (5) years. After (5) years, the customers can withdraw the agreement after settling the outstanding amount fully.