For many home owners in Bangladesh, getting a home loan must have played a great role in helping them to buy a home. Many financial institutions in Bangladesh especially banks offer loans for customers who need huge amounts of money that they can’t easily afford for specific projects.
These projects include buying a home, paying off school fees, or purchasing a car. Today however we will look only into Dhaka home loan tips.
What is a Home Loan?
A home loan is any financial boost in form of a loan borrowed from a bank or any other financial institution that is intended to suit all your home financial needs. These needs will include purchase of an apartment, construction of a home, renovation, extension, or remodeling.
Home loans can also be used for interior décor, purchase of furniture and home appliances, color and window treatment, lighting, flooring, and finishing work among many other things. In Bangladesh, the most convenient places to look for home loans include the banking sector.
Who Gets a Home Loan?
In Bangladesh the Dhaka home loan comparison state that to be eligible for a home loan, an individual must be a salaried employee, self employed individual, business owner, or a landlord.
For salaried employees, most banks in Bangladesh will require the customer to be permanent and pensionable. They should also have a minimum of 3 years job experience. In fact averagely any salaried employee is expected to earn about BDT 25,000/= as their minimum income.
For business owners one must be a director, owner, proprietor, or a partner. The business can also be a Private Limited Company or a Partnership business. The minimum income should sit around BDT 30, 000/= and the business experience shouldn’t fall below three years in total.
What are other Requirements?
Usually most of the banks and any other financial institutions in Bangladesh will always require that:
The owner of the property in question should be the borrower. The property should also be located within the metropolitan areas (for instance if you are buying in Dhaka it should be within the metropolitan areas of Dhaka).
Additionally the applicant must be a permanent resident of Bangladesh. They should be at a minimum age of 25 years and a maximum age of 65 years at the time of maturity. Loans processed will include Value Added Tax.
Be aware of any other partial pre payment fees that could apply or hidden charges that may be available. Talk to your loaning agents to find out what they are so that you can settle your debt wholly.