Buying an apartment in Dhaka is a dream for many families; however,
it can sometimes seem challenging, especially in terms of financing.
For this reason, many buyers take out home loans to buy land
property, a home, a flat, or an apartment. This would require an
analysis of your income, savings, and expenditures.
Almost all banks will require that you pay part of the cost of
buying the apartment at once, almost 10% to 30%, as a down payment.
One of the ways to finance an apartment is to take a home loan. We
are going to discuss in this blog how to get home loans for
apartments in Dhaka, Bangladesh.
A home loan is money borrowed from a
bank or financial institution
for buying or building a home or flat, or apartment, with the term
to repay it in installments along with interest. Most banks or
financial institutions have repayment periods ranging from 5 to 25
years.
7 steps for getting a home loan in Dhaka
Buying an apartment, home, flat, or land
property in Dhaka can be thrilling. Before taking out a home loan,
it is important to know how they work. Here are the 7 important
steps of getting a home loan in Dhaka, Bangladesh.
01
Assess your financial situation
Home loans are a big financial burden. So, before applying for a
home loan, you should assess and consider some important things.
Income and expenses: Most banks and loan providers allow
loans with repayments up to 40%–50% of monthly income.
Credit history: Loan providers may assess your previous
credit history.
Savings for down payment: Loan providers typically finance
60% to 90% of the property value; you need 20% to 30% as a down
payment.
02
Research home loan providers
There are many home or
residential loan
providers in Bangladesh. It is crucial to compare various offerings
provided by the banks and financial institutions so that they can
get a better deal. Some of the reputed financial institutions and
banks are:
Industrial Development Leasing Company of Bangladesh Limited
(IDLC)
DBH Finance
03
Loan eligibility criteria
Each bank or financial company has its own eligibility criteria.
Here are some important general loan eligibility determinants:
Age: 21 and 60 years (some banks allow 65 years).
Income: Stable and sufficient monthly income.
Employment Type: Salaried employees, self-employed people,
and business owners can apply.
Credit History: Good credit score and no major loan debt.
04
Required documents
To expedite the home loan application, prepare all the necessary
documents. Here is the required document checklist:
Loan application form
National ID card / Passport
Recent photographs
Salary certificate/business documents
Bank statements (last 6–12 months)
TIN certificate
Apartment booking papers/sales agreement
05
Apply for a home loan
If the required documents are ready, then apply for the home loan.
Loan providers verify each application very carefully. The bank will
check some of the essential information you have provided.
Before signing a home loan agreement, read and analyze the loan
repayment options, terms, and conditions very carefully. Review
these terms:
Interest rate
Repayment schedule
Prepayment and Foreclosure
07
Loan sanction & disbursement
If everything is okay from both sides, the bank or financial
institution will approve the home loan and sign a formal agreement.
After approval, the loan amount is usually paid directly to the
apartment seller’s or developer’s account. And you have to start
repaying through monthly installments.
Affordable Home Loans in Dhaka
Discover loan solutions that match your budget and lifestyle.
Getting a home loan for an apartment or flat in Dhaka is not
something you can rush. It takes proper planning, effective
research, and meeting the rules set by banks or lenders. Here are
some important tips and advice:
Save money for a down payment.
Be aware of hidden charges.
Consider Islamic banking and finances.
Maintain a clean banking record.
Choose a reputable developer with a RAJUK-approved project.
Take professional help.
Apply for a home loan with Assure Group
Getting a home loan in Dhaka is not an easy task. You have to know
basic knowledge about home loans, the necessary documents, and how
to choose the right lender. Assessing your financial position,
checking loan eligibility, and comparing with others are essential
before applying. Choosing the country’s leading developer company,
like Assure Group, will give you an advantage when
you get a home loan.
Home loans are the best choice for buyers because of the
comparatively lower interest rate. tax benefits, boost to
credit scores. and less burden.
The EMI calculator uses the formula EMI = [P x R x
(1+R)^N]/[(1+R)^N-1] to compute the EMI amount. Enter the
principal loan amount you need, a reasonable interest rate,
and the loan's tenure. The online tool will compute the EMI
amount instantly.
Many banks and loan providers in Dhaka offer home loans for
home construction. However, they will make payments in phases
depending on the progress of the construction.
Yes, almost all Islamic banks, including
Islami Bank Bangladesh Limited (IBBL), provide all
forms of Islamic home financing. They give home loans under
profit sharing, not the interest rate.
Most banks allow early repayments of their loans. Verify with
the lender for these terms before going for such an option.
ASSURE GROUP’s construction wing Assure Builders Ltd. handed over the Assure M. N. Tower on January 29, 2020. We arranged a handover ceremony at the Community Hall of Assure M. N. Tower in the Bashundhara Residential Area. The ceremony marked th...
