Get House Building Loan only @10% interest
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Bangladesh Bank has announced an easiest-ever housing loan scheme in Bangladesh for the people of lower-middle and middle-income groups.
Under the scheme, only 10% interest would be charged and there would be no hidden cost like service charges, according to a Bangladesh Bank circular issued on Wednesday. The scheme comes into immediate effect.
The loan would be much cheaper than any other home loan products of the commercial banks with interest rate currently ranging between 15 and 18 percent, said a senior commercial bank executive.
Under the Bangladesh Bank scheme, a borrower would be entitled to a maximum loan of Tk.15,00,000 to buy an apartment, having not more than 1,250sft. plinth area. To have an idea about present apartment prices of Bangladesh visit myREALESTATEbd web site.
The loan will be repayable in quarterly installments over a period of 20 years with one-year grace period.
The quarterly installment for such a maximum loan would be around Tk.49,000 as per calculations consistent with the traditional accounting system followed by the commercial banks in Bangladesh.
Bangladesh Bank has formed an initial fund of Tk.300 crore to re-finance commercial banks at bank rate (6.5 percent) for disbursement among the borrowers as per specified guidelines. The re-finance fund will be disbursed equally in three years.
Some 75% of total housing loan demand will be met from the re-finance fund while commercial banks concerned will contribute 25 percent, both at 10% rate of interest.
In accordance with the BB guideline, the areas under the six city corporations as well as four pouroshovas - Tongi, Gazipur, Savar and Narayanganj -- would come under the purview of the new housing loan. For getting an idea about the land prices of the above areas visit myREALESTATEbd.com.
An individual with monthly earning of not more than Tk.30,000 and without owning any house or apartment within the designated areas will be eligible for the loan.
If you are looking to buy, sale, rent, sublet an apartment, flat, land, plot, shop, floor space or any real estate property please visit: myREALESTATEbd.com
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