Loan Service


This page is for to introduce about Loan on Property (Residential Apartment/Flat, Commercial Space, Land, Renovation & Loan Take Over). You can know about Characteristics, Eligibility Criteria, Required Papers regarding Applicant & Property, Duration and Various Terms about Property Loan. You can also found here a Loan Calculator to make the decision to take Loan.After All If you have any query or need support CALL US.

Property Loan Characteristics

It is a secured loan, that is, the lender considers your property as a security guarantee. If you fail to pay back the loan, then the lender will become entitled to retrieve the money lent by selling your house/property. The Equated Monthly Installment (EMI) of a home loan is computed by adding the principal amount and interest. Home loan includes such charges as registration charge, processing fee, penalty on prepayment, commitment charge and miscellaneous charges (documentation/consultation).

PROPERTY LOAN ELIGIBILITY CRITERIA

Eligibility criteria might vary from one lending institution to the other, but there are some common requirements:
Any salaried, self-employed or business person with Bangladeshi nationality can apply for a Property loan
You must be aged 21 years or above (up to 65 Years)
You should have a regular source of income for timely repayment of the loan
Your professional stability and savings history will help in quick loan approval
Ensure that you do not have bad credit history for at least the three months prior to applying for a home loan.
If you are salaried professionals, your monthly gross income will determine loan amount.
For self-employed individuals, profit earned by you majorly determines the loan value you are eligible for.
Visiting property by the Financial Institution, If satisfy then you will eligible for loan.

LOAN DURATION

Loan Category Minimum (in Year) Maximum (in Year) Early Settlement Time
Residential Property (Flat) ? ? ?
Commercial Property ? ? ?
Land Property ? ? ?
Property Renovation ? ? ?
Property Loan Take Over ? ? ?

NEEDED DOCUMENTS FOR LOAN SANCTION

Select your Profession

Applicant

  • Trade License of the Business
  • Memorandum of Article/Jointventure agreement/partnership deed (if applicable)
  • Statement of Business/Company Profile
  • Bank statement for last twelve months (both personal and company statement)
  • Limited Company for 3 years
  • Self-assessed profit & Loss account last 3 years for Proprietorship Company.
  • Income tax assessment orders/returns for last 3 years.
  • Any other income proof documents like rental agreement with ownership deed/FDR copy for interest income etc (if applicable)
  • Bio- data/CV
  • Visiting Card of Applicant
  • Photograph Both (2 copy)
  • National ID Card Photocopy (Applicant+ Spouse)
  • Driving License. ( If applicable)
  • TIN

Co Applicant

  • Co-applicant is mandatory for home loan or home credit
  • Only spouse (1st preference) or parents or children are allowed as co-applicant
  • Forincome consideration of co-applicant, all income related documents will required
  • Incase if there aren’t any co-applicant then (one) Guarantor is must Else, guarantor is mandatory subject to client’s profiles& other norms

Nominee

  • Recent passport size photograph.
  • NID/Voter ID copy

Guarantor

  • Visiting card
  • Latest Tax clearance certificate (if available)

Applicant

  • Letter of Introduction/ Employment Certificate (In official pad & on bank format)
  • Salary Slip/Pay Slip/Cash Voucher- last six month (In case of cash Salary)
  • Bank Statement for last twelve months.
  • Any other income proof documents like rental agreement with ownership deed/FDR copy for interest income etc (if applicable)
  • Latest Tax Clearance Certificate (if applicable)
  • Personal guarantee from an employed person
  • Two copy recent Passport size photograph (All applicant & joint applicants)
  • Copy of NID/Voter ID/Passport/
  • Driving License.
  • Bio-data/CV
  • Visiting Card

Co Applicant

  • Co-applicant is mandatory for home loan or home credit
  • Only spouse (1st preference) or parents or children are allowed as co-applicant
  • Forincome consideration of co-applicant, all income related documents will required
  • Incase if there aren’t any co-applicant then (one) Guarantor is must Else, guarantor is mandatory subject to client’s profiles& other norms

Nominee

  • Recent passport size photograph.
  • NID/Voter ID copy

Guarantor

  • Visiting card
  • Latest Tax clearance certificate (if available)

Applicant

  • Employment contract (if the contract is in a Language other than English, an English translation of the same attested by the embassy/employer).
  • Latest salary slip/salary certificate showing all deductions.
  • First four pages of the passport, and other necessary relevant pages ( if applicable).
  • Visa stamped pages/residency permit.
  • Continuous Discharge Certificate (CDC) in case of merchant, navy personnel.
  • Latest work permit.
  • Copy of identity card issued by the current employer.
  • Overseas and local bank account statements for last 12 months.
  • Bio-data (education& experiences) and family background details.
  • Company profile/brochure of employer organization
  • Tax papers (UK, US and Canadian residents)
  • Loan amount shall not exceed 50%of the purchase price of the flat or the of construction of the building.
  • Maximum loan term is 07 (seven) years.

Business Related Documents (NRB):

  • First four pages of the passport, and other necessary relevant pages ( if applicable).
  • Visa stamped pages/residency permit.
  • Overseas and local bank account statements for last 12 months.
  • Bio-data (education& experiences) and family background details.
  • Company profile

Other Documents for NRB

  • Both husband and wife will have to apply together for loan.
  • Power of Attorney (by both the applicants)to a Bangladeshi resident as per Financial Institute draft, attested by Bangladesh Embassy in the residing country and the, by ministry of foreign affairs in Bangladesh.
  • Personal guarantee from employed person(s) in Bangladesh as per Financial Institute format.

Co Applicant

  • Co-applicant is mandatory for home loan or home credit
  • Only spouse (1st preference) or parents or children are allowed as co-applicant
  • Forincome consideration of co-applicant, all income related documents will required
  • Incase if there aren’t any co-applicant then (one) Guarantor is must Else, guarantor is mandatory subject to client’s profiles& other norms

Nominee

  • Recent passport size photograph.
  • NID/Voter ID copy

Guarantor

  • Visiting card
  • Latest Tax clearance certificate (if available)

Bank Fees Before Passing Loan

Application Fee

For Applying the loan bank charges application fee

CIB check Fee

Bank charges to take the Credit Information Bureau (CIB)report in the name of borrower(s) from Banglades Bank

Legal Opinion Fee

Legal opinion fee charges on the opening of practicing barrister or solicitor about the submitted all documents by the borrower(s)
. It is non refundable.

Valuation Fee

Valuation fee takes to find the actual valuation of the property.
It is non refundable.


Bank Fees After Passing Loan

Processing Fee

A charges that passes on cost to the borrowers for obtaining documentations, appraisals employment andcredit history or any other information that are not large enough to itemize by themselves.

Pre-settlement Fee

If borrowers want to repay the loan early before the end of its terms, borrowers have to pay the early settlement fee

Partial Payment Fee

Partial Payment Fee charges when borrowers pay only the partial of EMI

Valuation Fee

Valuation fee takes to find the actual valuation of the property. It is non refundable.


WHY TO TAKE LOAN FROM MELODY HOMES

LOAN PROVIDERS