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Home Loan on Bangladesh

Posted on: Apr 05, 2017
Buy & Sale

What do I need to make an application for the home loan?
The loan application is straightforward. You will need the original property title deed under your own name, property insurance covering fire, earthquakes, flood, and cyclones, and The Irrevocable General Power of Attorney (IGPA).

Are we able to make a join application for the home loan?
Yes joint application loans are possible, where the couple are married and the marriage certificate can be evidenced to the bank.

How much I can borrow?
Usually it be no more than 70% of the property valuation that can be borrowed, this includes the registration cost.

What is home loan EMI?
Home loan EMI (Equated Monthly Installments) is the amount you will repay each period, until the loan is cleared in full. A home loan calculator will help you work out how much needs to be repaid.

How does EMI calculator work?
When you input the loan amount, the time period, and interest rate, the EMI or bank loan calculator will work out how much you need to repay each month.

What will be my monthly EMI?
The monthly EMI will be the sum of the principal amount and interest, divided by the number of months, in which the loan will be repaid. A mortgage calculator can help you out with this.

Where can you get a home loans from?
Home loans are available from large international banks such as HSBC. It is also worth checking out if you qualify to get a loan from the Bangladesh House Building Finance Corporation.

What is the home loan repayment procedure?
Repayments are made in the form of monthly instalments. You can choose the length of the tenure, usually between 5 to 25 years. The amount will be automatically debited from your personal account.

What will be the maximum amount I will be allowed to pay during loan tenure?
There is usually no maximum allowed for repayment but it is worth contacting a local bank clerk about this.

Can I repay my home loan before the maturity date?
In most cases the bank will have a partial or early settlement facility, allowing you to pay off the loan as quickly as you desire.