Sonali Bank loan of Tk 15 lakh at 6 percent interest to build houses in rural areas!
Bangladesh House Building Finance Corporation (BHBFC) is the only government home loan institution in the country. The main job of this company is to give home loan. Government banks also give home loans, many private banks also give. Some of the private banks give loans in name only, some of the new banks do not give again. Someone has again introduced new loan products with emphasis on the housing sector.
Apart from this, there are some private companies that have been formed to provide loans in the housing sector. Such as Delta BRAC Housing (DBH), National Housing Finance and Investment, etc. Some leasing companies (financial institutions) like Lankabangla Finance, IDLC, IPDC have also been formed to give good loansSonali Bank loan
Sonali Bank loan .
No one, without exception, lends the full amount of the demand. If you want to build a house or buy a flat with a loan from a bank or BHBFC, you have to own 20 to 30 percent of the money. In other words, companies give loans of Tk 60 to 70 lakh to buy flats worth Tk 1 crore. The buyer has to keep the remaining 20 to 30 lakh rupees.
However, this rule does not apply to financial institutions. They can lend the full amount of the flat price. Debashish Chakraborty, managing director of BHBFC, said the supply of home loans was less than the demand. Domestic and foreign investment is needed in this sector. He said the government is meeting only 6 percent of the annual demand. The rest has to depend on the private sector.
Sonali Bank loan .
How much money, what loan: Government agency BHBFC mainly gives loans for house construction. Also lends to buy flats, but less. The company even lends to register flats. Banks and financial institutions also provide similar loans. BHBFC has so far lent up to Tk 12 million to a single person to build a house in an elite area of Dhaka and Chittagong City Corporation.
The finance ministry has approved an increase in the loan to Tk 2 crore. The company is also giving loans of up to Tk 3 million to house farmers. And giving 1 crore rupees to the expatriates. Apart from this, the loan amount of this company for housing repair is Tk 25 lakh. Public and private banks and financial institutions are lending up to Tk 2 crore. Among them, Sonali Bank is giving loans of up to Tk 15 lakh in rural areas under the name ‘Sonali Neer’ for house construction.
IFIC Bank has launched a separate product called ‘Amar Bari’ with emphasis on housing loans. Despite giving Tk 2 crore for the construction of the house, the bank is giving a loan of up to Tk 35 lakh for the construction of the semi-finished building. DBH is providing loans up to Tk 2 crore for house construction, house extension, house development, flat purchase and plot purchase as per the demand of the customer. National Housing is lending for the purchase of flats, construction of own houses, expansion of houses, purchase of plots, purchase of space in commercial buildings etc.
How much is the car interest: Only BHBFC is giving loan at simple interest. The interest rate of others is compounded. BHBFC’s interest is also low. 6 percent for farmers. And the maximum 9 percent in the construction of flats and houses. Sonali Bank is also giving loans at 6 percent interest to build houses in rural areas. However, the interest rate on other loan products is 9 percent.
Private bank loans have higher interest rates. Their interest rate varies from 10 to 15 percent in Bangkok. However, some financial institutions are keeping the interest rate at 9 percent. According to a report by Bangladesh Bank, private sector banks and financial institutions are offering home loans for buying flats and building houses at 9 to 16 percent interest.
Liaquat Ali Bhuiyan, vice-president of the housing sector organization Rehab, said interest rates in the housing sector are still high. Bangladesh Bank launched a revolving refinancing fund to provide low interest loans. After five years, it has been shut down for unknown reasons. It should be turned on again.
Documents required for home loan: It does not take less paperwork to get a home loan. However, it takes a little more paperwork to get a loan from the government agency Bangladesh House Building Finance Corporation. Almost the same from government banks. Private banks and financial institutions, however, do not require such documents. However, buying a flat takes less paperwork than building a house.
Attested photocopy of the design approved by the appropriate authority is first required for home construction loan. Attested photocopy of original documents, Namjari Khatian, rent receipts. In addition, attested copy of CS, SA and RS, BS Khatian. Certificate of Merit (NEC) with 12 years search from District or Sub-Registrar’s Office.
In case of land allotted by the government, original allotment and transfer of possession will also be required. And you need attested copy of the applicant’s national identity card, three attested signatures, two recent passport size attested photographs. And last but not least, the receipt of deposit of application fee of Rs.
If the income tax is payable, income tax certificate will be required along with the e-TIN number and the amount of income. If the loan applicant does not have his own income, the earning parents, spouses and children can be bailed out. The house will be constructed as per the approved design and a declaration will also have to be issued on non-judicial stamp of appropriate value stating that the house is not being constructed with loan from elsewhere. In addition, engineering certificate and earthquake resistant certificate should be given.
Flat loans, however, require less paperwork. For this, attested photocopy of the registered flat purchase agreement executed with the flat buyer and developer has to be given. In addition attested photocopy of the agreement executed with the land owner and developer, approved design and certificate of approval.