HOME LOAN


A home is one of the most treasured dreams in somebody’s life. With competitive rates, convenient features and simple procedures, Home Loan from REFL will enable you to turn your dream into reality. We are here to make your dream home realty through a best deal in Home Loan.

 

TYPES OF HOME LOAN

 

We have tailored different types of home loans to meet your needs. Some of these products are given below:

 

HOME PURCHASE LOANS:

The home purchase loans are the most popular and the most commonly available home loan for you. These loans can be used to finance the purchase of a new residential property or an old house from its previous owners.

 

HOME CONSTRUCTION LOAN:

These loans can be availed by you, f you want to construct a house according to your wishes rather than purchasing an already constructed one. It involves funding for construction of existing home or new plot.

 

LAND PURCHASE LOANS:

Land purchase loans are given to buy a plot of land on which you wish to construct your house. This loan is available for purchase of land for either construction or investment purposes.

 

HOME EXTENSION LOAN:

Home expansion or extension loans are useful in situations when you want to expand your existing house. Expansion includes alteration in the current structure of the residence to add extra space such as constructing a new room, a floor, a bigger bathroom or enclosing a balcony.

 

HOME IMPROVEMENT LOAN:

If you have already own a house but in need of fund to renovate, then Home improvement loan is for you. All kinds of renovations and repair works can be financed using this variant of home loans such as internal and external painting, external repair works, electrical work, water-proofing and construction of underground or overhead water tank etc.

 

HOME CONVERSION LOAN:

This is available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need of pre-payment of the previous loan.

 

BRIDGE LOANS:

Bridge loans are short term loans which are convenient for you if you have already own a residential property but are planning to buy a new house. It helps you to fund the purchase of the new house until a buyer is identified for the old house.

 

 

WHOM DO WE FINANCE?

  • Nationality: Bangladeshi Citizen
  • Age: Any psychologically sound person over 23 years of age.
  • Service-holders: Any employed person with a service length of at least one year.
  • Self Employed and Business People: An individual has to possess at least 3 (three) years experience in case of business person or self employed professional.

 

PURPOSE

To buy new or used apartment, commercial space or home

 

MINIMUM MONTHLY INCOME

  • Service-holders/Professionals: Taka 40,000 (including income of co-borrower, in case of joint application)
  • Landlords: Taka 50,000
  • Business Persons:
  • Small and Medium Segment : Taka 50,000
  • Corporate Segment                : Taka 75,000
  • NRB Service-holders              : Taka 75,000
  • NRB Business Persons           : Taka 100,000

 

 

LOAN SIZE

  • Maximum loan size will be BDT 750,000 – BDT 10,000,000.

 

FEATURES

  • Maximum loan amount of 70% of the property valuation, inclusive of registration cost.
  • Financing for the registration cost.
  • Clubbing of income amongst spouse, father and son/daughter, mother and son/daughter is possible.
  • Competitive interest rates on a monthly reducing balance.
  • Loan tenure of 5 – 25 years (prior to borrowers’ age reaching 60 years).
  • The age of the property must not exceed 20 years of age.
  • Apartment under construction is also applicable for Home Loan facility.
  • Partial or early settlement facilities.

 

REQUIRED DOCUMENTS

  • Mortgage and original title deed.
  • Property insurance covering fire, earthquake, flood, and cyclone.
  • Irrevocable General Power of Attorney (IGPA).

 

ADVANTAGES

  • Simple and quick processing.
  • Competitive rate of interest.
  • Continuous support.
  • No Charges or Fees before approval.
  • No hidden cost.
  • Financial flexibility.
  • Prompt service.
  • Partial and Full Payment Options.