Apply for a Home Loan from the comfort of your home? Your dream is now a reality. The MCB Online Mortgage Application was launched on 23rd October with the objective of complementing the bank’s extended offers. Abraham Rawat, Head of Retail at MCB tells us more.
Have you experienced a decrease in home loan requests since the COVID-19 crisis began?
It’s true to say that we are facing a difficult economic context, where job losses and lower wages are a reality. At present, many people have no clear vision of the future. Bearing in mind these uncertainties, some customers hesitate to go ahead with their real estate project. Some even go to the extent of postponing it. We have noticed a few cancellations in the wake of the health crisis.
How proactive have you been during the confinement period?
The main objective was to stay close to our customers through our Courtesy calls campaign. It consisted of hearing from them and inquiring about their situation, and of their family, while reminding them of the sanitary measures to be taken. It also aimed to offer our help from a financial point of view through the Household Support Scheme, a moratorium on the payment of home loans.
We also promoted the extensive use of digital technologies and solutions.
The Online Mortgage Application comes at the right time in this context. How is it an innovation in Mauritius?
We aspire to build a closer relationship with our customers and make it more convenient with a simpler and more intuitive alternative when applying for a loan. This offer is a digital option which aims to reduce the inconveniences associated with an in-branch visit. The customer discovers a new experience with technology and, in the end, he has to visit a branch only once for the signing of the contract. We are targeting on average 33% of our future borrowers and this measure will help in decreasing the turnout in our various branches.
What’s in it for the customer?
Borrowers can make an application whenever and wherever it suits them best. They have the possibility to choose the amount and the term of their loan, and get to know the value of their monthly repayment in real-time. They also have the comfort of an agreement in principle without having to visit a branch and their appointment is made through our appointment booking service. This simplified process allows our customers to save ample time, while being able to follow the different stages of their request closely. In so doing, they can benefit from our advice throughout the flow. An agreement in principle (AIP) can be given within 48 hours (i.e. 2 working days) under certain conditions and the file is processed by the account manager. Our team stays in touch regularly with all our clients and assists them throughout the whole process.
A final thought?
It seems our customers already adopted the application. We are convinced that this application is a fast solution which blends in with the current 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 financial position (salary, 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