Plan Epargne Logement (PEL)

Save with us and secure your home loan

The Plan Epargne Logement (PEL) was launched in November 1988, in order to encourage people, especially youths, to save for the purpose of acquiring a house in the future. The fund contributed, coupled with a loan from the MHC, constitutes a capital to finance the housing projects of clients.


The PEL has proved to be very popular with prospective homeowners. It carries an interest rate higher than normal savings accounts. Over 100,000 PEL account holders trust MHC and more than 50,000 families have already experienced the joy of homeownership with MHC’s PEL product.

Enjoy the benefits

  • Deposit as much as you like as from Rs 200 
  • Possibility for higher return – 3% over and above current savings interest rate as bonus subject to regular contribution and if the client avails of an MHC secured loan   
  • Loans can be contracted against PEL Savings which can be offered as collateral 
  • Secured investment for you and your children
  • Possibility to open accounts for minors 
  • Joint account facilities available 
  • Possibility to operate multiple accounts 
  • Best long-term saving and investment opportunity

What are the features of a PEL A/C?

Minimum deposit to open PEL Account: Rs 200
Minimum Monthly contribution: Rs 100
Interest Rate: 1.25* (1.254 aer **)

  p.a aer
Regular accounts : 1.25% * (1.254% )**
Irregular accounts : 0.75%* (0.751%)**

* p.a: per annum

** aer: Annual Effective Rate

What are the benefits of having a PEL A/C?

  1. Bonus of 3% over savings rate for those availing of a secured loan from MHC. 
  2. PEL A/C equally available to minors. 
  3. Gateway to a variety of Home Loan Products 
  4. Risk-free investment 

How do I open an account?

Contact any MHC office with the following documents: 

  • Proof of Identity
    • Adults: national identity card 
    • Minors: birth certificate 
  • Residential address 
    • Recent utility bill (e.g. CWA/CEB/Telephone/Bank Statement) not older than 3 months 
  • Cash payment limitation
    • As per FIAMLA section 5 (1), we are not allowed to accept any payment in cash exceeding 500,000 rupees or an equivalent amount in foreign currency. 

 


 

Enjoy the benefits
  • Deposit as much as you like as from Rs 200 
  • Possibility for higher return – 3% over and above current savings interest rate as bonus subject to regular contribution and if the client avails of an MHC secured loan   
  • Loans can be contracted against PEL Savings which can be offered as collateral 
  • Secured investment for you and your children
  • Possibility to open accounts for minors 
  • Joint account facilities available 
  • Possibility to operate multiple accounts 
  • Best long-term saving and investment opportunity
What are the features of a PEL A/C?

Minimum deposit to open PEL Account: Rs 200
Minimum Monthly contribution: Rs 100
Interest Rate: 1.25* (1.254 aer **)

  p.a aer
Regular accounts : 1.25% * (1.254% )**
Irregular accounts : 0.75%* (0.751%)**

* p.a: per annum

** aer: Annual Effective Rate

What are the benefits of having a PEL A/C?
  1. Bonus of 3% over savings rate for those availing of a secured loan from MHC. 
  2. PEL A/C equally available to minors. 
  3. Gateway to a variety of Home Loan Products 
  4. Risk-free investment 
How do I open an account?

Contact any MHC office with the following documents: 

  • Proof of Identity
    • Adults: national identity card 
    • Minors: birth certificate 
  • Residential address 
    • Recent utility bill (e.g. CWA/CEB/Telephone/Bank Statement) not older than 3 months 
  • Cash payment limitation
    • As per FIAMLA section 5 (1), we are not allowed to accept any payment in cash exceeding 500,000 rupees or an equivalent amount in foreign currency. 

 


 

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