Home Loan
Our dream home is never far away! Get hassle free home loan from uab bank to turn your dream home into reality. We assist you to realize your dreams come true.
uab Home Loan scheme is available for:
- Purchase of house, condominium, and apartment
- Acquisition of land and construction of houses
- Renovations to house, condominium and apartment
Avail your Housing Loan from us at flexible terms and conditions.
- Repayment period up to 15 years
- Repayable on monthly installments
- Repayment Holiday – Max up to 6 months, in case of construction/ renovation of the house
- Individuals having permanent source of income such as employees , businessman , professional etc.
- Loan amount up to 70% of the project cost of the construction/ purchase
- The Loan eligibility will be adjusted to ensure that total monthly installments from all loans (uab plus other banks) should not exceed 1/3 of gross monthly salary / monthly income as per the supporting documents provided.
- Minimum monthly income: MMK 1,000,000
Mortgage of land & house to be purchased / constructed / renovated
Assignment of rights on apartment / Condominium to be purchased / constructed / renovated
a) Personal Guarantee of spouse or Father & Mother
b) Documents for Borrower & Guarantor
c) Income proof – If employed
d) Income proof – If self employed /Business
e) Documents regarding house property
b) Documents for Borrower & Guarantor
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- Application form
- NRC Copy – Original to verify
- Recent Passport Size Photo
- Copy of Household Registration Letter
- Recommendation letter from Head of Quarter
- Letter of chief of Quarter certifying that collateral security owner has not married again, in case of first wife/husband passed away
c) Income proof – If employed
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- Bank statement for last 3 months
- Certificate from Employer
- Pay Slip ( not required , if salary is credited to bank account )
- Copy of Tax Book
d) Income proof – If self employed /Business
- Bank Statement for last 6 months
- Business License/ Company Registration
- DICA extract showing shareholder details
- Previous Year Tax Receipt
- Site visit by bank staff and assessment of business activity
e) Documents regarding house property
- Details of property to be constructed / purchased
- Copies of all related documents of property to be purchased
- Related contracts / agreements etc with the contractor, architecture, supplier
- Stage wise construction cost details, in case of construction/renovation of house etc
| Interest Rate | 10.00% p.a |
| Service Charges | 1.00% ( on loan amount ) |
| Lawyer & Accessor Fees | 80,000 MMK |
| Early Repayment Fees | 3.00% on prepaid amount ( if paid during the first 2 years of loan period ) |
| 2.00% on prepaid amount ( if paid during the third year of loan period ) | |
| 1.00% on prepaid amount ( if paid after 3 years of loan period ) |