IDLC to lend home loan under BB refinance scheme
Tuesday, 2 October 2007
FE Report
IDLC Finance Limited (IDLC), a joint-venture multi-product financial institution and one of the premier and largest home loan providers in the country, signed a participation agreement with Bangladesh Bank (BB) recently.
Under the deal, the IDLC will extend home loan facility under 'Bangladesh Bank Refinance Scheme for Housing Sector'.
The BB has introduced the scheme to allow the lower and middle-income groups of borrowers to have increased access to owning homes by borrowing at an affordable interest rate of 10 per cent per annum from banks and financial institutions (FIs) with maximum tenor of 20 years and with repayment on monthly installment basis.
In accordance with the scheme, the participating banks and FIs will provide home loans to individual borrowers in the six city corporation areas along with four municipal areas of Tongi, Gazipur, Savar and Narayanganj for construction or purchase of house or apartments with unit size not exceeding 1,250 square feet.
Only those applicants, whose regular gross monthly income does not exceed Tk 30,000, may receive a maximum amount of Tk 1.5 million as home loan facility.
In addition, applicants who have not availed of any home loan previously from any bank or FI and those who do not have any housing or apartment unit in their own or spouse or children's name in the aforesaid areas are eligible to apply to the participating banks and FIs for home loans.
In case of salaried persons, employees not having any home loan facility from their present employer or organisation are also eligible to apply.
IDLC Finance Limited (IDLC), a joint-venture multi-product financial institution and one of the premier and largest home loan providers in the country, signed a participation agreement with Bangladesh Bank (BB) recently.
Under the deal, the IDLC will extend home loan facility under 'Bangladesh Bank Refinance Scheme for Housing Sector'.
The BB has introduced the scheme to allow the lower and middle-income groups of borrowers to have increased access to owning homes by borrowing at an affordable interest rate of 10 per cent per annum from banks and financial institutions (FIs) with maximum tenor of 20 years and with repayment on monthly installment basis.
In accordance with the scheme, the participating banks and FIs will provide home loans to individual borrowers in the six city corporation areas along with four municipal areas of Tongi, Gazipur, Savar and Narayanganj for construction or purchase of house or apartments with unit size not exceeding 1,250 square feet.
Only those applicants, whose regular gross monthly income does not exceed Tk 30,000, may receive a maximum amount of Tk 1.5 million as home loan facility.
In addition, applicants who have not availed of any home loan previously from any bank or FI and those who do not have any housing or apartment unit in their own or spouse or children's name in the aforesaid areas are eligible to apply to the participating banks and FIs for home loans.
In case of salaried persons, employees not having any home loan facility from their present employer or organisation are also eligible to apply.