Wednesday, 15.08.18 (112 views)

Rules of Flat Loan

If you want to take a loan for a flat or apartment then you should know the rules properly. Every country has a set of rules for its people and in Bangladesh, we also have some rules. All these rules are for the common people as they can take the proper steps when they want to buy such property.
Here are 9 steps which can help you and you can follow while buying flats or apartments.
  1. Eligibility for applying for the loan

Anyone from Bangladesh who is an adult and has self-income can apply for the loan. Who doesn’t have self-income can show someone as a guarantor who has self-income among his family members like the mother-father/ husband- wife/ unmarried daughter. If the applicant works in foreign then he has to verify his application and income statement from Bangladesh embassy/ high-commission in that country and then submit the proof from the Foreign Ministry of Dhaka.
  1. Under the area of the loan, highest ceiling, construction rates and the amount of primary investment

Roll no Name of the area Covered area of the flat The maximum ceiling amount of loans approved The amount of the applicant's own investment Construction of approved rate (per sq. ft.) Comment
6. 7. 
Dhaka and Chattagram
Most developed area of the city.
Gulshan, Banani, Dhanmondi,
Uttora, Baridhara, Lalmatia AA/A
D. O. H. S (Mohakhali, Baridhara, Banani) and Kushali of Chattagram AA/A, Agrabad o Chandgao C.D. A. AA/A
(Above mentioned patches only apply to the government in his plots).
1250 sq. ft. 40.00 lakhs taka 20% of the estimated construction cost Corporation 4000/- taka More than 1429 square feet flat’s covered area the applicant to bear the increased cost of all parts.
Dhaka and Chattagram City area and other developed countries, all divisional, district headquarters, Tongi and Savar municipality. 1430 sq. ft. 40.00 lakhs taka 20% of the estimated construction cost Corporation 3500/- taka More than 1667 square feet flat’s covered area the applicant to bear the increased cost of all parts.
3. List of submitted papers with temporary application forms
Right-related papers of land:
Roll no In case of leased plots Roll no In case of private land
1. The proposed apartment building, land ownership documents (attested photocopies of documents of ownership of the lease deed or lease), the chain of possession of the documents and the transfer of the original allotment letter (if any) 1. The proposed apartment building, land ownership documents (attested copy of the original ownership documents and the SA record holder attested copies of documents from the continuity of the chain of evidence
2. Donor office lease documents namajari  2. C. S., S.A. and respect xerox copy of attested photocopies, namajari ledger D. C.  and the date of the receipt of attested photocopies of the tax.
3. Mortgage Corporation to permit institutions to lease-provider / no objection certificate (if applicable) 3. 12 (twelve) years N. E. C. (signed by the respective sub-register).
4. Agreement copy purchase copies of flat allotment (if any). 4. Agreement copy purchase copies of flat allotment (if any).

3.1. Engineering-related papers

a. verified xeroxcopies of approved design and approval paper of the apartment
b. verified xeroxcopies of the soil test report of the related plot
  1.  The structural design of the related apartment. At least 5 years-experienced graduate engineer/engineering consultancy institute should approve the certificate of the ability to support the building (the engineering consultancy institute who are giving the certificate should be the member of Institution of Engineers Bangladesh).
  2. For 7 story or more, 10 years-experienced graduate engineer/engineering consultancy institute should approve the certificate of ability to support the building (the engineering consultancy institute who are giving the certificate should be the member of Institution of Engineers Bangladesh).
d. you should give the undertaking of the developer as per the design

3.2. Other papers

Verified xerox copies of the registration certificate, articles and union reminder of the developer

4. The process of applying loans for apartment

4.1. The loan should be given to any interested buyers for any under-construction/ new constructed flat of any apartment building. Those people who don’t have any place to live they should give the preference to make provision for the poor and middle class people to live in.
4.2. The primary application of the flat/ apartment for the loan should be submitted directly to the related regional office. Formal application should approve by the zonal/ regional office after examining the papers and inspection. Swift applicants should submit the related form for the formal loan.
4.3. The loan should be given to only the first buyer and never the loan should give to any other (second buyer).

5. List of formal application with submitted dalil and papers

5.1. Verified three copies of passport size photo and three verified signature on blank paper (attested by the gazzeted officer) should be submitted.
5.2. Receipt of the payment of the application (in the rate of 5tk per 1 thousand) should be given. 1000tk for the formal loan application.
5.3. Income statement of loan applicants. For jobs Affidavit of application for loan’s definite page and for business purpose affidavit of trade license and income statement. If the income tax is payable then the TIN number with the income tax papers and lien related papers should be submitted.
5.4. Loan applicant's income if you do not own father / mother / husband / wife / son / married / unmarried daughter sponsorship income will be. In this case, however, the Corporation determined the form of the question and the security guarantor and the guarantor must be submitted documentary evidence in support of income must be submitted.
5.5. If the proposed flat is liable to any bank or financial institute then the financial institute along with the proportional and obstacles of the flat should be submitted to the bank to get the consent letter.

 6. Time limit of paying the loan

Expected house rent along with the monthly income, age, other pensions (if any), and social reputation of the applicant should be considered in the estimated time of paying the loan and zonal/ regional manager can consult with the borrower with the permission from  5 up to 20 years. (20 years is not for everyone).

7. Process of loans

7.1 Before taking the first check in the rate of the corporation (5tk per 1 thousand) one should submit the receipt of the first check to the zonal office/ related bank.
7.2. For buying completely constructed flat and in the time of/ providing loan one can encash a cheque to provide the loan and register mortgaged dalil.
7.3. Granted money can be given after the tripartite registered agreement among the developer, buyer and corporation. But on the amount of the equity of the recipient for the construction of the flat given to the developer the whole payable money and will be given after investing in 50% of the granted money on the cheque. After that referred to the construction cheque can be given for the rest 50% cash (25% + 25%). Before taking the last installment the mortgaged dalil should be registered.
7.4. The owner of the land lease of the land (lease debtors) provides power to sell the land to the developer company proportion of flats Aamoktar-nama and that Aamoktar-nama of the lease provided by donors (commenced / plot baraddakari Agency) approved the adoption of these cases 1st installment 50% of the loan amount and the second payment by check will be 25%.
7.5. Check the last installment before taking the necessary construction works commenced, including performing / flat and the proportion of land plots Mortgage baraddakari management permit (n. o.c) deals with legal matters and registry must be submitted and the mortgage deed.
7.6. Flat borrower a written consent of the developer / her representative will be given credit checks. The developer of the borrower from the Aamoktar-nama to get out of debt if you check the developer the ability to accept credit check can be provided.

8. Documentation

8.1. Mortgage borrowing in anticipation of the beginning of the flat buyer is not feasible or cannot pay the loan if the apartment after the approval of the developers, flat buyers and corporations in the sample determined in accordance with the tripartite agreement to be signed and registered. Tripartite agreement between the Registries registered the flat ownership document the progress of the construction of the approved loan money will be paid in installments in installments Force inspection.
8.2. Land flat and proportional borrower / developer of flats in the name of the purchaser, after registration by the flat buyer / borrower to the Corporation by a registered mortgage deed should be performed and the power to sell and mortgage registered power-of-attorney for flat-cell should be.
8.3. In addition to the previously mentioned documents to carry out the distribution of the loan guarantee is the guarantor of the loan will have to perform. Also (D.P. Note), the Corporation does not transfer declaration flat without permission, taking a post-dated check and lien papers (if applicable) will be collateral.
8.4. A maximum of 5 years at an interest rate determined by the government for a period of 0 years contemporary paid in installments within the period specified in accordance with the agreement of all the money paid interest plus loan amount of the Corporation / will be collected. At present, the annual interest rate of 1% (the change rate of change in interest rates by the government will apply). Interest will be charged on an annual basis.
8.5. Amortized system will be equal to the amount of the premium. 0 years, paying an annual rate of 1% at the monthly repayments for a period of 1101/09 per lakhs money paying interest for a period of 15 years, the monthly installment amount of Rs 1201 per lakhs / Rs, a 10-year period to pay the monthly installment amount of money per lakhs 1435 / - and the money paid for a period of 5 years EMI per lakhs of the 2225 / - Rs.

9. In amortized manner monthly installments (EMI) will have to repay the loan.

Interest plus loan amount within the prescribed period for repayment of all the money to pay the loan index (Amortization Schedule) of the recipient will be notified by letter to advise them. Disbursed at the beginning of the recipient of the 3-year loan in monthly installments against the corporation, the name of the 36 post-dated (post-dated) cross-checks in advance monthly installment checks will be taken, and to pay the debt until at 36 the checks to pay off the debt guaranteed will do. In contrast to the freezing bank accounts, checks a month in advance of the monthly installment of the loan will be recovered.
9.1. Finally, the end of a check or credit checks accepted (if you do not receive all the money) 3 months after the date of the 4th month, the 1st installment will be. During construction interest (i.d.c.p.) The normal installment will be paid in installments starting from the date of maximum 1. 1 in respect of the advance will be checked.
9.2. Application fees, inspection fees for all types of fees are non-refundable money.

Over to you

Flat or apartment is such a thing where people invest all their harden money to live in. If you want to buy a new one then follow the proper rules. Here are some rules and information which may help you to get such one. Knowing the right information is important as it may cause fatal if any steps were mistakenly taken. So, know all of them before applying for a loan.
For more information or if you have any other queries about this topic you can contact us. You can write in the comment box below.

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