Purpose

:

Construction/Extension/Renovation/Refurbishing/Installation of Lift/Generators of residential building.

Eligibility

:

Preferred customer are:

• Salaried Individuals and Professionals of reputed institutions with minimum 03 [three] years of continuous service. Service length may be relax able in case of high net worth individuals and professionals.

• Self –Employed professionals who are self –employed and have at least 03[three] years of practice in relevant profession.

• Businessman having high net worth with at least 5[five] years of continuous operation in relevant line of business.

• Wage Earners or other professional serving abroad having good income. Other specific criteria, security and documentation formalities shall depend on the overall status of the applicant.

• Permanent Officers of Government, Semi Government and Autonomous Bodies, Reputed Multinational Companies, International Financial Organizations, Donor Agencies, Foreign Embassies, Local Established and reputed Public Limited Companies.

• Teachers of Universities including established Private Universities and established private colleges.

Minimum Income

:

Net Income/Take home salary will be at least Tk.40,000/-[forty thousand] per month.

Net Worth

:

Minimum 150% of the loan amount.

Loan Size

:

Upto Tk.100.00 (One Hundred) lac.

Debt Equity Ratio

:

Maximum 60:40

Loan Pricing Ratio

:

Financing upto maximum 60% of construction cost.

Security/Collateral

:

1. Registered Mortgage /Registration of Assets in the name of the Bank.
2. Registered Irrevocable Power of Attorney (RIPA) empowering the  bank to sell the mortgaged property.
3. Post- Dated Cheques favoring the bank for each Installment (at least three) and one undated cheque for full loan amount.
4. Personal Guarantee of the customer and his/her spouse combined Personal Net Wealth statement duly signed.
5. Insured with ‘Bank Mortgage Clause” for a sum of 10% above the sanctioned limit covering the risks of fire & RSD only. The Customer shall provide an undertaking to bear any loss arising out of the risk of flood and cyclone.
6. All other usual charge documents.

Loan Tenure

:

Maximum tenure would be 15 [fifteen] years including grace period.

Grace Period

:

Depend on construction status but not to exceed maximum 12(twelve) months.

Repayment Method

:

Repayment should be made through equated monthly installment [EMIs].

Rate of Interest

:

Will be fixed by the bank from time to time.

Fees and Charges

:

All relevant stamp charge, VAT etc. expenses should be borne by the customer and will be debited from his/her account at the time of disbursement.

Mode of Disbursement

:

Disbursement will be made phase by phase depending on the progress of work.