AYA Home Loan

March 23, 2018

AYA Home Loan

Autoloan_Home_For-Website

“Get the Home you really, really want.”

 AYA Home Loan is an instalment payment program which is convenient and affordable financial option to fulfill your financing needs. We offer you to purchase a residence of choice as per your requirements.

2

Apartments

1

Condominium

3

Landed Property

Why choose AYA Home Loan?

  • Choose from a Wide selection of Affordable Home Price Range starting from 200 lakhs
  • Variety Choices of Residences from AYA Authorized Dealers as well as developers from the market
  • Minimum Down Payment as Low as 30%
  • Quick and Smooth Process
  • Fixed Monthly Installment Plan
  • Loan Tenor up to 15 years (repayment period)
  • Check home loan eligibility online using AYA Home Loan eligibility calculator.

1

Minimum Down Payment 30%

2

Fixed Monthly Installment

3

Loan Tenor Up to 15years

4

Quick and Smooth Process

5

Convenience – apply at any AYA Branches

Dealer Program

Dealer program allows you to choose from wide range of residences from our list of authorized developers to purchase your dream home.

Individual Program

Individual program allows you to choose any home you wish to buy from any developers rather than bank’s authorized developers.

DEALER PROGRAM INDIVIDUAL PROGRAM
Room/Land Price
Condo/Apartment: 200 Lakhs and above
Landed Property: 500 Lakhs and above
Condo/Apartment: 200 Lakhs and above
Landed Property: 500 Lakhs and above
Type of Land
• Grant/Leasehold Land
• Freehold Land
• YCDC Land
• DUHD Land
• Grant/Leasehold Land
• Freehold Land
• YCDC Land
• DUHD Land
Construction
Completion
Minimum 75% 100%
Max Loan Tenor
Maximum 15years Maximum 15years

Any Myanmar Citizen with stable and reasonable income who is not younger than 20 years old and not older than 50 years at the point of loan application. Joint applicant is allowed (only immediate family members) for those who are older than 50 years old with low income.

Documents which reveal accurate information of above factors are needed to provide at the point of application such as NRC, Household list, Income statement or Salary slip.

Process

 

Applying through AYA Branches

  • You can make an initial enquiry at any AYA branches in person if you wish to buy home with Individual Program.
  • AYA Bank will provide required documents, fees and charges, general terms and conditions for you to fulfil for loan evaluation.
  • Fill in the Home Loan Application Form correctly and submit along with the necessary documents at any AYA branches.

Applying through AYA Authorized Developers

  • In dealer program, you can go directly to any Bank’s authorized dealer and choose your dream home from variety choices of Apartment, Condominium and Landed Property. Prepare necessary documents which will be advised by such dealer and approach to any AYA Branches for home loan application.
  • AYA Bank will provide required documents, fees and charges, general terms and conditions for you to fulfil for loan evaluation.
  • Fill in the Home Loan Application Form correctly and submit along with the necessary documents at any AYA branches.

Required Documents

Personal Information

  • NRC and Household List (Copy)
  • Original testimonial letter from Ward Administration Office
  • Original testimonial letter from Police Station
  • One Passport Size Photo of each applicant

 

Guarantor Information

  • Guarantor’s NRC
  • Guarantor’s Income Proof (Salary Slip)

 

Income Information

Salary Employed

  • Employment Confirmation letter
  • Salary Slip (minimum 3 months)
  • Professional License (such as Doctor License, Seaman’s CDC)
  • Bank Statement (minimum 3 months)

Self Employed

  • Business License or Company License
  • Form 6, Form 26 & Form E
  • Memorandum and Articles of Association
  • Income/Financial Statement (Operating Account)
  • Tax Receipts (for 3years)

Property Information

Sales and Purchase Agreement executed with Seller (Land Owner’s signature to be included)
Title Documents

  • Lease Agreement
  • Land Map/ Land History (Form 105/ 106)
  • Registered related contracts
  • Sales and Purchase Agreement executed between Land Owner and Developer (as per property type)

Project Documents (For Individual Program)

  • Project related documents
  • Construction permit issued by YCDC
  • Building Completion Certificate (BCC)

Check your loan eligibility now!

To know your estimated loan eligibility amount, please enter the following link to calculate https://homecalc.ayabank.com/

DealerIndividual
Interest Rate 13% p.a. on
loan outstanding amount
13% p.a. on
loan outstanding amount
Application FeesMMK 50,000 MMK 50,000
Service Charges 2% (on loan
amount)
3% (on loan
amount)
Dealer
Commission
1% (on property
price)
_
Early Repayment Fees 3% on Repaid Principal (1st -3rd Year from loan disbursement)
NIL (from 4th Year onwards)
Default Fees 3% per month (on Defaulted Principal)

Terms and Conditions

  • Bank shall approve the final loan amount based on the evaluation and authenticity of complete documents submitted by the applicants
  • It is required to give tax (if necessary) to the respective government organization for documentation and registration depend on the house you wish to purchase
  • It is required to fulfill the requirement of making minimum down payment 30%, service charges and other applicable fees related to bank’s facilities before living in the residence.
  • Bank shall approve the final loan amount based on the selling price mentioned on the Sales and Purchase agreement. Any other additional costs will not be financed by the bank.

Your due date of Home Loan repayment is the disbursement date of the following month. Upon successful approval, the branch will inform you on the due date.

AYA Bank provides multiple channels for loan repayment:

  • AYA Branch (during banking hours)
  • AYA ATM (AYA MPU Cards only)
  • AYA mBanking
  • AYA iBanking