Home Loan Ideas - Your Sweet Home is no more a dream!

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Published: 19th January 2012
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From ancient time we human being are always long for a safer shelter. Whether it is “Jamidar” period’s large “Jamidar Bari” with a sense of complete living or today’s two bed room’s cozy apartment. Every one of us always dreams of a beautiful home consists of all modern amenities as possible. Unfortunately the dream is no easy to realize task within the blink of eyes.

Things have changed a lot. Life style is now a whole different cup of tea to experience. Unlike our grandfather’s total home we’ve moved to apartment living-the more confined and personalized style of living. Because of demographic and socio-economic shift apartment living is now a new phenomenon. At the same pace the cost of living has also increased significantly.

This increasing cost of residential accommodation has led to the popularity of Home Loans all over the world. Because of the popularity of the apartment living globally Home Loan is now a one of the most growing Consumer loans segment.

With naked eyes, we know that, Home loan means the finance borrowed from a bank or financial institution to buy or modify a residential real estate property. The steep rises in the real estate prices in Bangladesh due to the disparity in supply and demand of quality residential accommodation makes the home loan a mandatory and popular soup for dreamer of own home.

The processing of home loan can be seemed complicated to someone who have just started to think to take home loan but if anyone takes the things bit and pieces it will lead him/her to a safe zone and can easily end up with the keys of his/her own home at hand! If you are planning for buying a home by taking home loan then I hope that, this write-up can help you a lot! Let’s enjoy the journey!

The beginning:

At the beginning you should know the strength of your own foot. It means, how much you need and how much you can afford. It largely depends on your income and savings. Then take a calculator-it can be great friend in this time! and fix the things that how much burden your shoulder can carry on. Besides a calculator, an experienced person can also help you a lot. Give visit to one of your old friends who already have got the keys of his/her own home by taking loan.

Jumping into the battle field:

After finishing above calculation it is time to jump into the battle field. At this phase you might to sacrifice more perspiration than before. Firstly search for Banks and Financial Institutions who provide home loans. Select some of them you like and feel comfortable. Collect primary information-at this phase Google can help you a lot. Know some guts in those organizations means, find some people who work there and can help you.

The Real Game:

Now it is time for the real game. At this phase you have to be careful. Visit all Banks and Financial Institutions you have already selected. Collect important information and dig the things deep by talking with responsible persons.

Basically, you should know the Interest Rate, Annual Reducing Balance, Fixed rate of interest, Monthly Reducing balance, Floating Rate of interest, Equated Monthly Installment, Processing charge, Prepayment Penalties, Commitment Fee, and Miscellaneous Cost. It means a little PHD on home loan patterns of different banks and financial Institution!

Keep yourself Alive:

Then Compare each with other and involve your partner in the game so that you can get the picture clear. Then decides what you want and can afford at a time. Communicate with the respected Banks and institutions. Disseminate them your demands. Negotiate and convince their benefits and that will help you to get better deal. Here a bit home work can save you bulk amount of money.

Different Colors:

A handsome number of public and private sector banks and financial Institutions are now offering a big array of Home loans lucrative to new dream home seekers for a number of purposes. Different Banks and Financial Institutions offer a big array of housing loan.

HOME PURCHASE LOAN: You can have a loan for Purchasing of a brand new apartment/ house/ commercial space/ approved housing plots called home purchase loan. Almost all Banks & financial Institutions provide this kind of loan.

HOME CONSTRUCTION LOAN: Banks and Financial Institutions also give loan for home construction named by home construction loan.
HOME IMPROVEMENT LOAN: One can also have loan for improving his/her existing home/commercial space by taking Home Improvement Loan.
RENOVATION or EXTENTION: Home renovation or extension loan is usually given for extending & redesigning existing home. This loan is one of the most popular home loans in housing loan categories. Different banks and Financial Institutions offer loan for expanding or extending an existing home.

Now Any Resident or Non-resident Bangladeshi who is planning to buy a house can apply for Home loans by following the appropriate procedure of the specific financial institution.

If you have decided to buy a property in the near future you can even apply for a loan before you select your property. It becomes easier if the property you are planning to buy is in a proper location that is pre-approved by a bank or financial institution.

The buyers should try to take loan from established banks and financial institutions that screen the entire project before approving a loan for an apartment or plot in that project.

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 the issue.
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.

Where to go:

For getting housing loan landing on right financial institution is crucial. In Bangladesh a number of leading Banks and Financial Institutions are providing home loan in a very convenient way. Among them followings are stays in front line-

Housing Finance Companies:
DBH
IDLC
National Housing



Housing Loans by Banks

Dhaka Bank
EBL
Brac Bank
Prime Bank
HSBC
SCB
Housing Loan by Finance Company

IDLC Home Loan:

IDLC is one of the leading home loans providers in the country, offers wide categories convenient home loans to suit consumers needs.

The ELIGIBILITY for IDLC home loan consists- you have to be 25 years and above and must not crossed 60 years age limit. And you must have sustainable and regular earning source either it is employment or business to repay the loan.

IDLC HOME LOANS AVAILABLE FOR Purchase of apartment/ house/ commercial space/ approved housing plots, Construction of residential/ commercial building, Renovation or extension of residential house, Home Equity loan against mortgage of property.

DBH Home LOAN:

DBH another Leading Financial Institution of the country provides home loans in a very convenient manner. To know more you can contact with DBH.
Housing Loans by Banks:
1. HSBC home loan

A home for you and your loved ones must be one of the most treasured dreams in your life. With competitive rates, convenient features and simple procedures, Home Loan from HSBC will enable you to turn your dream into reality without putting a strain in your wallet.

Eligibility
Age: At least 23 years
Professional Experience:
-Salaried: Employed for at least 2 years by a well-reputed organization
-Self employed: Professional experience or business establishment for at least 2 years (with adequate proof)
Minimum Monthly Income:
- Salaried: BDT 40,000
- Self Employed: BDT 50,000

Key Features
Loan amount of BDT 750,000 - BDT 10,000,000
Maximum loan amount of 80% of the property valuation, inclusive of registration cost
Financing for the registration cost
Clubbing of income amongst spouse, father and son/daughter, mother and son/daughter is possible
Competitive interest rates on a monthly reducing balance
Loan tenure of 5 - 25 years (prior to borrowers age reaching 60 years)
The age of the property must not exceed 20 years of age
Apartments under construction is also applicable for Home Loan facility
As a customer, you also have flexibility to buy apartment under construction subject to the terms and conditions as applied by the Bank
Partial or early settlement facilities
No personal guarantee or cash security


Repayment Procedure:

Loan repayment can be made in the form of monthly installments. You have the flexibility of choosing a convenient repayment period between 5 and 25 years. Your monthly installment will be automatically debited from your personal account with HSBC. Interest is calculated on a monthly reducing balance as opposed to an annual reducing balance, giving you a lower monthly installment amount with HSBC.

2. SCB Home Loan

Standard Chartered Home Loan provides attractive financing for a new house or an apartment. You can also avail SCB home Loan for renovation, facelift, extension and furnishing work in your existing house or apartment.

Exclusive features
Step by Step Financing: You can avail the home loan in steps, depending on how much down-payment you can arrange at every step. This greatly reduces the burden of having to pay the whole down payment at once.
Plinth Level financing: You can avail home loan for purchasing an apartment that is still in the construction stage, provided that the foundation and the basic structure of the building have been completed. To get SCB Home Loan, you will no longer have to wait till the construction is over. This will help you choose your preferred apartment before others do.

Eligibility:
Professional Experience: At least three years of service/ professional/ business track records
Income: Minimum monthly income of BDT 25,000
Minimum Age: 25 years
Maximum Age: 65 years at the end of the loan tenure or retirement age for service holders (whichever is earlier).
Proposed Property: Any property on leasehold / freehold / private land in Dhaka & Chittagong metropolitan areas.


3. EBL Home Loan

EBL provides home loan for apartment purchase, home construction, extension or renovation. With so many attractive features in it - the home you wanted to buy, or to extend the existing one or renovate the same is no longer a distant dream.

Key Features:
Loan amount BDT 500,000- BDT 1 Corer or 50 times of applicant’s gross monthly income, whichever is lower.
Repayment tenure 3 years to 20 years
Interest rate 13% (floating)
Loan Take-over facility with attractive interest rate option (1% less than existing other Home Loan but not less than 13.5% per annum)
Processing fee – 1.25% of the loan amount for the fresh applicants and 0% for the take-over loans
Loan up to 80% of the property value
Advance/Partial Prepayment - Anytime and any amount payment facility available, fee is 1% of the Advance/Partial Prepayment amount.
Additional Loan Top up facility available
4. BRAC BANK

Named by Apon Ghar (Own Home) BRAC Bank provides home loan for dream home seeker along with free value added services. It is not just a loan, rather a complete solution stretching with five values added FREE services.

Along with loan BRAC Bank Apon Ghar helps its clients to find a home suitable for their taste, budget and area. In addition to these there is attractive privilege consultancy for:

- Interior
Furniture & Soft Furnishing
Home Appliance
Color & Window Treatment

- Light & Floor



Types & Purpose:

Home Loan: Financing against purchase of under-construction / semi-completed / completed / second hand Apartment or house.

Home Credit: Financing against Renovation / Extension / construction of own home

Takeover: Financing against transfer of the current balance of existing Housing loan to BRAC Bank

Features:
Owner of the property must be the main borrower
Mortgaged property must be located within the metropolitan area of Dhaka, Greater Dhaka where RAJUK Plan is available, and Chittagong & Sylhet
Applicants must be permanent resident of Bangladesh
Minimum age 25 years & maximum age 65 years at the time of maturity
Competitive Interest Rate
Maximum loan tenor is 25 years*
5. Prime Bank- Swapnaneer Home Loan

Key features
Construction of own building /home
Purchase of flat/building
Loan amount maximum 1 crore
Income of spouse, parents and siblings if any are considered
Competitive interest rates on a monthly/quarterly reducing balance
Partial or early settlement conveniently
Apartments under construction is also considered
03-18 months grace period
Loan tenure - maximum 25 years


Eligibility
Age: at least 25 years
Minimum Monthly Income: Salaried and Self-employed : BDT 30,000
Salaried: Permanently employed at least for 02 years
Self employed: Professional experience or business establishment for at least 2 years
Professional Experience
6. Dhaka Bank

Home Loan is a term loan facility to purchase your desired home/flat.

Salaried Individuals, Professionals, Business Persons can apply for the loan.

Loans are available to Bangladeshi nationals:

Minimum age of eligibility : 21 years
Maximum age of eligibility : 65 years
Verified gross family income : BDT 40,000

Loan Size:

-Minimum : BDT 5, 00,000*
-Maximum : BDT 75, 00,000*


In reality, home is no more a living place to us; it's our dream! Robert frost said home is the place where when you go to them they take you in. Unfortunately realizing a dream home is now really a big challenge as prices of apartments are increasing rapidly. With a convenient home loan you can easily have your own dream home.


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