When you make a decision of buying a home, what is the first thought that comes into your mind? Definitely your financial condition and affordability. Managing your finances is your primary concern. You may have cash savings but will still end up needing financial aid from banks. Even though there are numerous banks available in Bangladesh, you will need to know about the proper bank loan details in order to find a bank which can tailor the loan according to your preferences. Keeping that in mind, this blog has listed out some of the renowned banks in our first series of home loan details to guide you through the whole process.
Need for Home Loans
Before we dig deeper into the bank loan details, it is necessary to understand the need for such loans. A home loan is one such solution which offers financial help to people belonging from all kinds of backgrounds. It is also very difficult to buy a property without the help of home loans. When you successfully manage to get a home loan, it takes you one step closer to your dream of becoming a proud owner of a property. Besides, home loans will let you manage a huge amount of money within a very short span of time and save you from losing the opportunity of making a lucrative deal.
Bank Loan Details of Some Organizations
Under this segment of bank loan details we have listed five banks which come with great loan offers for people who are interested in purchasing apartments through Bproperty. Let’s have a look.
Bank Asia is one of the biggest private banks in Bangladesh, consisting of around 130 branches in the whole country. Their banking services are actively working on forming a proper real estate investment atmosphere in Bangladesh. In order to avail any loan in Bank Asia through Bproperty, an individual at least needs to have a minimum income level of BDT 25000 per month. Generally, in these cases Bank Asia allows a loan amount of BDT 5 lac to BDT 1.2 crore to home loan seekers. Along with an interest rate of 9% and processing fee of 0.5%, an individual can enjoy repayment time from 1 year to 25 years. Documents needed to apply for the loan include, latest 1 year personal bank statement, tax clearance certificate, national id card or passport, and Bayna Deed.
Standard Chartered Bank
Standard Chartered Bank is a multinational bank and one of the largest global banks, with 1200 established branches across 70 different countries. When it comes to home loans, this bank has also some amazing deals to offer. In order to earn the loan eligibility, an individual at least needs to show a gross monthly income of BDT 78000. This bank offers 70% of the property value reaching up to BDT 2 crore as home loan, with a tenure of 25 years. Thus someone will have enough time in hand to repay a loan to the bank. Besides, proper documentation is also imperative for availing home loans from Standard Chartered Bank. Some of papers which need to be shared are the latest tax certificate, lease agreement of house or property, copy of latest utility bill, personal net worth statement and several others.
Dutch-Bangla Bank Limited
While discussing the bank loan details, the next one is the Dutch-Bangla Bank (DBBL). This bank is the first joint venture private bank in Bangladesh. One of the most technologically advanced banks which also shares great contribution for facilitating real estate activities in Bangladesh. It is really convenient to get a loan from DBBL, since someone only needs to be 18 years old to apply for a loan. Additionally a minimum salary of BDT 50000 is required to be qualified for their loan. For home loan, DBBL generally has a ceiling of BDT 2 crore with a loan tenure of 1 year to 25 years. Anyone applying for their loan through Bproperty will be charged with a 1% processing fee. In order to get this loan, documents like CV/ Biodata of an individual, last 1 year bank statement, latest tax certificate, valid passport, two copies photograph need to be submitted. Documents requirements also vary for salaried individuals to businessmen to landlords.
Eastern Bank Limited
Eastern Bank Limited is a private commercial bank which has evolved at a huge scale over the years. When it comes to real estate, EBL offers loans to individuals from age 25 to 65. With a minimum salary of BDT 30000 for salaried individuals, 40000 for professionals and 50000 for businesspersons and landlords, anyone belonging to each group can avail loans from EBL. EBL will grant a loan from a minimum of BDT 5 lac to BDT 2 crore, while charging a 9% interest rate and 0.50% processing fee if applied through Bproperty. Anyone availing loan from EBL will have to share documents like photograph, passport, ETIN certificate, 1 year bank statements and a CV with Eastern bank.
IFIC Bank Limited
The International Finance Investment and Commerce (IFIC) Bank Limited is a private commercial bank established in 1976. Once mainly owned by the Government of Bangladesh, this bank converted into a fully commercial bank in 1983. People from the age of 22 to 65, anyone can take a loan from IFIC Bank. One needs to have a minimum monthly income of BDT 35000 in order to apply for a loan amounting from 70% of the property to up to BDT 2 crore. IFIC bank also makes a special consideration and charges a 0.50% processing fee to individuals when applied through Bproperty. IFIC Bank usually asks for passport size photographs, letter of introduction for salaried individuals, all loan statements for the last 12 months, copy of e-tin, copy of utility bill and a copy of NID – approved plan and plan approval letter from the respective authority, in order to process the loan request.
So these were some of the few banks which are playing a great contribution in the real estate domain while cooperating with Bproperty and its stakeholders. Share your feedback on how useful this information has been for you. If you are also someone who is looking for a suitable apartment, then also keep an eye on our Bproperty website.