By Nishta Jhurree. December 2021.
Amongst the major banks in Mauritius, the Mauritius Housing Corporation (MHC) seems to have come a long way with the number of home-related products being offered to the public. The products range from a normal Home loan, Re-cash home scheme, Flexi loan, Top-up loan scheme to a Senior Smart loan to those aged between 60 and 70 years old (Source: http://www.mhc.mu/products).
Unlike other banks, the MHC has gone even further by considering home loan grants towards real estate projects falling under the Sociétés Civiles Immobilières (SCI) scheme. This is an immense support to promoters wanting to sell their projects quickly without getting into the hassle of VEFA & GFA while it also helps potential borrowers to get their loans quicker and more comfortably.
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While the impact of the crisis on the banking sector has so far been subdued, banks remain prudent or risk high levels of non-performing loans. Relatively low-interest rates are squeezing banks’ asset quality and profitability. However, the trend will be maintained if interest rates remain attractive though it might change with the opening of the borders & fiscal pressures as we spill into 2022.
