MHC launches diaspora home loans

Mauritius Housing Company Limited (MHC) has launched home loans to Mauritian diaspora located around the world to boost property ownership among non-resident Mauritians.

The scheme is aimed at facilitating property ownership for Mauritians living abroad, thereby encouraging investment in the local real estate market. This fresh initiative is a finely tailored financial solution, aiming to help the Mauritian diaspora invest in property back home. 

The maximum amount is up to Rs 15 million, with loan terms between three to 35 years. Purpose of the loan can be for the purchase of; Property, Land, Construction/Extension, and renovation. The targeted countries are, among others, South Africa, Madagascar, Australia, New Zealand and Belgium.

The 'Diaspora Home Loan' is part of a government strategy which aims to strengthen links between the Mauritian diaspora and the country. This initiative recognizes the contribution of expatriates to the national economy and offers concrete opportunities to those who aspire to own a residence in Mauritius. 

In a statement from Racheed Daureeawoo, President of MHC Ltd, he explained “MHC Ltd works closely with the diaspora to simplify administrative procedures and make the acquisition process more fluid. Mauritians who are abroad can also have a second home in Mauritius. Why deprive them of it? They are sons and daughters of the soil. We must encourage them to return to the country. 

Addressing the Challenges
The scheme recognizes the stumbling blocks non-resident Mauritians often encounter when attempting to purchase property in Mauritius. These challenges primarily revolve around financing and legalities. With the Diaspora Home Loan, the MHC is directly addressing these hurdles, offering a mortgage product that specifically caters to the unique needs of this demographic.

Features and Eligibility
The Diaspora Home Loan is not just another mortgage product. Its features and eligibility criteria are specifically designed to simplify the process of buying a home in Mauritius for the diaspora. By doing so, the MHC aims to make property ownership in Mauritius more accessible to non-resident Mauritians.

Impact on the Real Estate Market
The introduction of this mortgage product will likely have a positive impact on the local real estate market. With competitive interest rates, subscribers can benefit from 100% financing for construction projects.  It encourages investment from the diaspora that can stimulate the market and contribute to the country's economic growth. More importantly, it strengthens the bond between Mauritians worldwide and their homeland, a connection that is vital to the nation's identity and future development.