HELP & ADVICE

How to Get Home Loan in Bangladesh

Owning or inheriting land is a prevalent tradition in Bangladesh. May it be a house or farming everyone dreams of having that piece of personalized security. Buying or inheriting land might not be that lucrative or even opportunistic in the 1980s. Nowadays, the ability to buy even a small scrape of land is more expensive than most properties here in Bangladesh. Due to, the rise in prices including living costs all over the world due to recent events. Moreover, buying new land or property can be a very long-winded process to mention all the official paperwork. To get more information on governmental regulations you can always visit House Buiding Corporation BD official website.

Most people in Bangladesh belong to the middle class or lesser, due to a lack of opportunities everywhere. So, day by day people have been flocking to the major cities, either trying to find work or to reallocate. Either way, living or moving to Dhaka or any other key city could be more problematic than said. Most job or work-related aspects are only available here so the cost of living can be unkindly too. Thus, it is becoming increasingly difficult to purchase land, flats, houses, or any sort of property. To adjust to this vast demand many people tend to seek home loan in Bangladesh. However, you need to do your research thoroughly before you contact any banks or organizations. To make things easier you can follow the information below or consult one of our elite consultants at Adviser Bangladesh.

Types of Home loan in Bangladesh:

There are 3-types of basic home loan in Bangladesh that anyone can apply for, through a bank or other organizations,

• Home/Apartment Purchase Loan: One of the most common and popular types of loan available are home and apartment purchase loans. Almost every bank in Bangladesh offers these types of loans. Those who are looking to build their own home or buy an apartment but are low in liquidated sums. For them, the perfect solution is to take a home loan in Bangladesh.
   
• Home Renovation Loan: The easiest loan to get while having the least offered sums and interest rates. If there are damages or any sort of improvements related to works due on your home, then you can make a request to your local bank to take a small amount of loan.  
   
• Home Construction Loan: This type of loan is mostly acquired by construction companies or apartment developers. Individual landowners are welcome to apply obviously but it is not advisable as the interest rates can be a bit stacked up for one person to maintain. For them, a home loan in Bangladesh looks to be more viable due to low singular interest.

Loan Features to be Expected:
 

You get your hopes up and start applying for a loan you must enquire about the loan features. Whether the loan payment you applied for is sufficient for your project or not.
 

• Available loan amount of BDT 5,00,000 to BDT 2,00,00,000.
• Loan offering up to 70% of current market value.
• Repayment duration of a maximum of 25 years.
• Minimum 22 years of age when applying for the loan.
• Maximum 65 years of age at the time of loan maturity.
• Heir/Successor of the property listed as co-applicant.
• Competitive interest rates as per regulations of the Bank.
• Processing Charges for all the necessary legal documents.
• Advance or Partial pre-payment availability.
• Grace Period or Moratorium enquired availability.
• Life Insurance Coverage if available.

Eligibility & Other Requirement:

There is the fact that whether you are eligible for the loan itself. For that, you need to check the requirements listed below or verify with the Bank you are applying to.

Mandatory Documents

Before you can apply for a loan you need these documents to be presented to the bank. Otherwise, you will not be able to register for a desired home loan in Bangladesh,
 

• Photocopy of NID Card.
• Passport-sized photographs.
• Bank statement from last 12 months.
• A copy of the e-TIN Certificate or the latest tax return copy.
• Properly filled up the CIB undertaking & inquiry form as per NID.
• Building plan Approval paperwork along with the letter from an officiating body of the property.
• The title Deed of your applied property.
• Updated Mutation & Land Development Tax for your applied property.
• Property-related other documents if available.