City Bank launches home loan scheme

FE Report City Bank Limited has made a late move to offer housing loan to its customers whereas many banks and non-banking financial institutions have been providing such loans since long. The bank introduced the loan scheme for its customers named 'City Home Loan' at a meet the press programme at a city hotel Thursday. "Yes, we've made a late move in the arena, but surely we will offer a very outstanding and unique home loan to our customers," said K Mahmood Sattar, managing director and chief executive officer of the bank. He said the bank had to go through a research before introduction of the loan. Mr Sattar said, "Nowadays with the growing demand of purchasing apartments among the customers, we've recognised their need and come up with the home loan product that will enable them to get loan up to Tk 10 million (1.0 crore) to fulfil the dream of having their own apartments." Other salient features of the loan include up to 25 years repayment tenure, loan against property, financing up to 80 per cent of the property value, faster loan processing etc. City Home Loan will also allow customers making payment of their first installment after six months of availing the loan. Mr Sattar said with the launching of the home loan, City Bank has again shown its serious commitment to introducing exciting retail products and services in the market. Additional managing directors Sohail R K Hussain and Faruq M Ahmed and head of retail banking of the bank Zabed Amin also spoke at the meet. Country's top realtors also attended the meet. They demanded making the loan process easier as most home loan offering banks have failed to attract customers due to the complex process of disbursing the loan.