Friday, 27.10.17 (377 views)

Affordable Homes

No feeling is greater than buying a new house. The freedom of decorating it in your own way, remodeling it is just a priceless thing and this is why the financial experts consider that owning a home is the first step towards owning a wealth. It is a great endeavor that gives utmost satisfaction. However, this feeling fades away soon with stress when they think about how much they can afford to buy a new house.

Well, today, this stress will no longer be a hindrance in the path of realizing your dream. A number of th 
government backed financial schemes available that offer to help hand to those who intend to buy a new home in Bangladesh. If you are living in Bangladesh and want to buy a home there, but don’t have that much of money to invest, fret not as the government of Bangladesh has brought a number of options to those who are looking for a financial backup.

Government sponsored home loan schemes in Bangladesh are the most convenient and popular ways to get financial assistance. However, if you don’t have much information about it, then read this article. Here you will get all details related to govt. backed financial schemes. So, without wasting much time, let’s start with the discussion.

Types of home loan schemes currently available in Bangladesh
1.    Equity loans
2.    New buy
3.    Mortgage Guarantees
4.    Shared Ownership
Besides these four schemes, two other types of housing schemes are also available such as the right to buy a home scheme and the right to acquire scheme.
Now let’s discuss these four types of schemes in detail.

1.    Equity loans
Equity loans are offered to the first time buyers. The main limitation of this loan is that a person can only avail it if he or she does not have any other property. While applying for an equity loan, one needs to contribute at least 5% of the total property as a form of deposit. This government-backed scheme offers a loan up to 25% of the entire property value.

Fee structure
In this scheme, a person will not be charged for fees in the initial years i.e. the first five years. After the completion of five years, a fee of around 1.80% will be charged in the sixth year. After that, the amount of fee will increase with each passing year.

How 
one can apply for this loan?
To avail this loan, one needs to contact with a government agent who works in this area. However, you also need to make sure that you purchase your property from only a registered builder.

2.    New Buy
This new scheme for home loan allows people to purchase a new property just by depositing a minimum amount i.e. 5% of the total property value.

Eligibility criteria
In order to become eligible for this loan, one needs to adhere to a few guidelines. These are –
  • The person should be a citizen of Bangladesh
  • The property should be a new one which means it is being sold for the very first time
  • The property value must be less than 5 lakh
  • The person availing this scheme cannot avail any other property under his name
  • The person should buy property from those builders who are registered under this scheme
  • Shared ownership is prohibited under this scheme
To avail this loan, one should fulfill these criteria.

How can one apply for this loan?
To apply for this loan, one should contact a registered lender who deals in this area. The lender will first complete the verification process of the applicant and offer around 80% of the loan if all criterions are fulfilled properly.

3.    Shared ownership
These types of schemes are now offered by various financial institutions. In this shared scheme, individuals purchase 25% of the total property while the other party i.e. the association purchases the remaining portion of the property. After that, the individual has to pay rent to the association for the remaining share. These types of property are known as leasehold properties.

Eligibility criteria
In order to gain eligibility for this loan, your monthly income should be less than 6 lakh per year and you cannot possess any other property on your name. Moreover, you should reside in a rental property owned by an association.

How can one apply for this loan?
To apply for this loan, you need contact a professional agent associated with this type of loan and can give you all details related to this scheme. Since this is an open scheme, people over the age of 55 years can also avail it. But here, the individuals above 55 years of age have to own 75% of the property and they don’t need to pay rent for the rest 25%.

4.    Mortgage Guarantees
One can avail mortgage loan by depositing 5% of the total value of the property. This scheme can be availed by both the first time buyers as well as normal customers in Bangladesh and the best part of it is that government offers a guarantee to the lender on behalf of the individual availing this loan.

Eligibility Criteria
The scheme has underlined a few eligibility criterion that one has to fulfill. Let’s have a look at them –
  • The property you buy should solely belong to you only and it should be a shared ownership one
  • The purchase price of this property should be less than 6 lakh
  • The individual availing this loan should not combine this any other scheme or interest except government offered schemes

How can one apply for a mortgage loan?
Individuals can avail this loan at any time they want. They just need to contact a financial institution in Bangladesh such as the bank that offers this scheme. The bank will first complete the verification process of the individual. If he fulfills all eligibility criterion, the bank will offer him the mortgage loan.

From the above discussion, hope it becomes clear to you that getting financial assistance for purchasing a home in Bangladesh is no more a hassle now. All you have to do is to fulfill the eligibility criterion of these schemes and you can readily avail them whenever you want. To know more about government-backed financial schemes, stay tuned to this page and we will update you with more information.
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