If you ’ re renovating or expanding , bring along :
National identity card / Passport
Proof of address ( CEB / CWA / Telecom )
Birth certificate Marriage certificate ( if applicable )
The most recent salary slips or a letter from the employer
Tax return ( self-employed workers ) Registered property deeds Site map / location Building permission ( extension ) Building plan ( extension ) Quote
You will receive a preliminary approval , followed by a request for additional documents to complete your application . Be prepared with the necessary documents according to your marital status and the type of request , as previously outlined .
PRELIMINARY ASSESSMENT
The MCB team starts by reviewing your application within a 5-day period . They examine your eligibility , loan plans , potential repayment terms , and your entire project . The bank may also seek input from other departments , like the legal team , for a thorough evaluation . Simultaneously , an assessment of your property ’ s market value is carried out .
APPROVAL BY THE CREDIT COMMITTEE
After the preliminary evaluation is completed and the actual property value is determined , your application is sent to a Credit Committee for final approval . You will receive a response within 5 days . Numerous steps are executed simultaneously to expedite the approval and funding process .
ACCEPTANCE LETTER
The journey to becoming a homeowner
Obtaining a home loan is an unavoidable and a critical stage in achieving your life project . Proper preparation is essential for the approval of your loan application . There ’ s no need to make it an overly challenging journey . MCB provides a swift and expertly guided process . Through the Online Mortgage Application , you can apply for a home loan online , without inperson visits .
INITIATION OF THE REQUEST
MCB offers you the flexibility to kickstart your home loan application online ; at a branch ( with or without an appointment ); or even through MCB Juice .
Should your loan request be approved , you will obtain an acceptance letter that enables you to proceed with the necessary steps .
PREPARING DOCUMENTS
It usually takes 5 days to prepare the necessary documents , which includes drafting the contract ( Letter of Conditions ), preparing the security documents ( mortgage / charge ), and verifying the required insurance policies ( life and building ). This stage marks the last review of your documentation .
SIGNATURE
Your eagerly anticipated acquisition is now just a few days away .
FUNDING
Once the documents are signed , your loan shall be delivered within 5 days ( subject to Registrar approval ).
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