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What is the Prime Lending Rate (PLR)?
Banks and financial institutions apply interest rates to their credit facilities, for example, mortgage or personal loan. Interest rates are directly related to PLR and each bank has its own PLR based on set criteria. After each change in the Key Rate (previously known as Key Repo Rate) by the Central Bank, banks review their PLR accordingly. As a result, the interest rates applicable to your loan may go up or down.
What is the Debt-to-Income Ratio (DTI)?
Your DTI is a critical part of your eligibility process for any loan application. It is a percentage that compares the monthly expenses and your gross income. It allows lenders to assess your ability to pay your monthly installments for the amount you wish to borrow. For example, in Mauritius, financial institutions must ensure that a potential borrower’s DTI does not exceed 50% for home loans.
How is your Equated Monthly Installment (EMI) calculated/determined?
There are two components that are taken into account irrespective of the type of facility: the interest and the capital. The amount you will agree to repay on a monthly basis will account for the interest on the outstanding balance and the remaining amount is used to pay your loan capital. Throughout your loan tenure, your loan outstanding balance will gradually decrease. As a result, the proportion of interest will decrease and the one of capital will increase.
The chart above shows the evolution of the proportion of capital and interest components across the loan tenor.
The main factors that will determine your monthly installment are: your loan amount, the tenor, and the interest rates. All loan applications are assessed as per a pre-defined set of criteria in line with each bank’s credit policy. We encourage you to be realistic and honest about how you will fit a loan repayment into monthly budget. Your Relationship Manager can guide you in this process.
Did you know? The longer the loan tenure, the lower your monthly repayment and the higher the interest rates.
The chart above shows the evolution of the proportion of capital and interest components across the loan tenor.
The main factors that will determine your monthly installment are: your loan amount, the tenor, and the interest rates. All loan applications are assessed as per a pre-defined set of criteria in line with each bank’s credit policy. We encourage you to be realistic and honest about how you will fit a loan repayment into monthly budget. Your Relationship Manager can guide you in this process.
Did you know? The longer the loan tenure, the lower your monthly repayment and the higher the interest rates. What happens when interest rate fluctuates following changes in the Key Rate?
It depends on your loan agreement with your bank. There are two options:
- Fixed monthly installment
- Adjustable monthly installment
What is a residual amount?
A 'residual amount' refers to a lump sum payment due at the end of your loan tenure if the increase in interest rates is not reflected in your monthly payments throughout your loan term.
We highly encourage our customers to explore the repayment options with their Relationship/Branch Manager.
How can I repay my loan prior the end of my loan contract?
If you wish to consider a prepayment of part payment of your loan, we invite you to discuss with your Relationship/Branch Manager who will advise on the best way forward.
Where can I access my mortgage details?
You can access your mortgage details directly on your Internet Banking account. To register: https://bankone.mu/en/ib-login/.