Ignatius Susatyo Wijoyo said on Monday that the mortgage offered a 10-year flat rate, but customers could also extend the tenor up to 25 years under a floating scheme based on Bank Indonesia’s 7-day reserve repo rate (7DRRR), with the interest rate to be determined while drawing up the mortgage agreement.

The new product targeted millennial customers that earned a monthly income of Rp 10 million (US$709.34) to Rp 20 million, Ignatius said, as quoted by tempo.co. He added that the ideal customers were millennials interested in managing their cashflow as well as investment options.

Ignatius said that Bank Mandiri would also introduce another mortgage product for millennials next month as a follow-up to a product introduced in November. 

The new Millennial Mortgage Plus allowed its customers to propose a 1- to 2-year rate cut, and targeted customers aged 22-35 with a monthly income of Rp 4 million to Rp 5.5 million. 

Ignatius said this mortgage product aimed to help millennials purchase homes through low monthly installments. (bbn)

Popular

Indonesian workers in Japan face growing stigma after viral incidents

Political motivations behind rising cyberattacks in mid-2025, report says

High rice prices, education costs push up inflation to 2.37 percent in July