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Home Loan

Bring Your Dream Home with MD Bank

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Home Loan

Bring Your Dream Home with MD Bank

Home Loan

Bring Your Dream Home with MD Bank
Open your dream with MD Bank to achieve your dream home.
Inquiry at nearest branch and we will guide you through application process.

Debit Card

Features and Benefits

  • Home Loan Specialist will guide you to apply application easily.
  • You can purchase of Landed House, Condo, Mini Condo and Apartment.
  • You can pay only 30% down payment for your dream home.

Eligible Borrower

  • Individuals having permanent source of income.
  • Age at least 21 years old and not more than 60 years old.

Conditions

Down Payment Minimum 30%
Loan Amount Up to 70%
Loan Repayment Period Up to 15 Years
Loan Repayment Method Equal Monthly Instalment (EMI)

Fees and Charges

Interest Rate 12.5 % p.a.
Service Charges 1% on Loan Amount
Late Fees
  • Up to (90) Days – 1% (Per month)
  • (91 – 180) Days – 2% (Per month)
  • Above (180) Days – 3% (Per month)
Early Repayment Fee
  • 3% on the prepaid amount (if paid during the first 2 years of the loan period)
  • 2% on the prepaid amount (if paid during the third year of the loan period)
  • 1% on the prepaid amount (if paid after 3 years of the loan period)

Requirements

Applicant and Guarantor

  • NRC (Copy) – original to verify
  • Census (Copy) – original to verify
  • Ward Recommendation (original)
  • Recent Passport Photo (2 pecs)
  • Other Bank Loan Statements (if applicable)

Property Owner (or) Seller (or) Developer

  • NRC & Census (Copy)
  • Deep of Landownership
  • Land Map & History – Form 105/106
  • Deposit & related Contracts – including contract between land owner & developer
  • Building Completion Certificate (BCC)
  • General Power (GP) (or) Special Power (SP)
  • Photos of Property

For Salary Employed

  • Employee Recommendation from HR (or) Senior Management Level of Company with Letter Head (original – indicates position, salary and applying date)
  • Salary Pay Slip (or) Bank Statement – 6 months
  • Income Tax – 6 months
  • Employee Card (copy) – original to verify

For Businesses (or) Self Employed

  • Updated DICA Registration (or) License of Business (copy) – original to verify
  • Company Extract (includes shareholder lists and company constitution)
  • Other related Licenses (copy) – original to verify
  • Income Tax for the last 2 years – including current year
  • Financial Statements for the last 2 years – including current year
  • BOD Meeting Minutes (original)
  • Company (or) Business Photos

For Guarantor

Personal Guarantee of spouse (or) Father/ Mother (or) any family members with relevant income proof.