A Home Loan from Home? You dreamed of it and it is now a reality. Launched on the 23rd of October, the MCB Online Mortgage application complements the bank’s extended offers. Abraham Rawat, Head of Retail at MCB tells us more about it.
Have you experienced a slowdown in home loan requests since the COVID-19 crisis began?
At the heart of a difficult economic context, where job loss and lower wages are a reality, many have no vision of the future. Faced with an uncertain future, many Mauritians hesitate to go ahead with their real estate project, or even go so far as to postpone it. We have noticed some cancellations following the health crisis.
How did your proactivity show up during confinement?
The objective was to stay close to our customers through our campaign Courtesy calls. It consisted of hearing from them and inquiring about their situation as well as that of their family, while reminding them of barrier gestures. It also aimed to offer our help from a financial point of view through the Housing Support Scheme, a moratorium on the payment of home loans for a maximum of 6 months.
Likewise, more than ever the importance of dematerialisation is emphasised and we are promoting the use of digital technologies and solutions.
The Online Mortgage Application comes at the right time in this movement. How is it an innovation in Mauritius?
We want to stand out from the competition by offering a simpler and more intuitive alternative for an easier loan application. This offer is a digital alternative which aims to reduce as much as possible the inconveniences associated with travel to an agency. The customer discovers a new experience through the use of technology and, in the end, he only visits once for the signing of the contract. We are targeting on average 33% of our future borrowers, which will relieve congestion in the various branches.
What are the real benefits for the customer?
Each borrower can undertake the procedures whenever and wherever it suits them best. He has the possibility to choose the amount and the term of his loan, and knows in real-time the value of the monthly payment. He also has the comfort of an agreement in principle without having to travel and his appointment is made through the Automatic Booking System. This equates to a huge time saving for each customer, while being part of the process and benefiting from our advice and transparency on the status of the request throughout the flow. An agreement in principle (AIP) is given within 48 hours (i.e. 2 working days) under certain conditions and the file is processed by the account manager.
A final thought?
The MCB is convinced that this application is a fast solution which fits in with the times. It is a new experience for the client who takes part in the steps to set up a mortgage loan file.
o Access the platform
o Choose the type of facility
o Confirm whether the request is made in a personal capacity or jointly
o Provide details of their financial position (salaries, debts and current expenses)
o Define eligibility in terms of amount
o Confirm warranty
o Confirm KYC information
o Upload documents (KYC, payslips, title deed, plans and permits)
o Choose the insurer for life insurance
o Make your health declaration