Loan is a system of borrowing money from lender and the borrower have to repay the amount next after. And most of the time the repayment is with installments for a time period. Therefore, Home loan is a type of loan which is taken mainly for the purpose of building or buying house. In home loan, the home uses as a collateral of loan.
Home loans also known as mortgages. It can be a single family as well as more up to four unit loan. In Bangladesh most of the commercial bank provides home loan. Sonali Bank limited is one of the most successful commercial bank of Bangladesh which provides customer based services including home loan. Sonali bank provides home loan if and only if the house is in progress. They give it without interest for the first 18 months.
Home Loan Process Of Sonali Bank Ltd 2015
After 18 months they will starts to take repay with an interest rate of 15%. The interest of home loan of Sonali bank is simple interest not compound. And the borrower can repay it with installments. The interest rate may vary according to the flat/ apartment as well as according to the place. Sonali bank Ltd is always trying to serve the people with its better services. If an individual want to take loan from Sonali bank then he /she must maintain the rules and procedure of the bank which is recommended by Bangladesh Bank. To get home loan from sonali bank ltd. A person have to fill the following criteria and documents.
Eligibility to get a home loan:
- If the individual is a service holder then he/she need to earn a minimum amount of money. The minimum amount is fixed by the bank.
- If the individual is a businessman then he/she must earn a minimum amount monthly, fixed by the bank.
Documents need to get a home loan:
- The individual’s personal bank statements.
- National ID card or passport’s photocopy.
- Mortgages the deed of the land, house or apartment with the bank to get the home loan.
- Service holder need to show their statements of monthly salary.
- The business person needs to show their trade license as well as the statements of trading with bank.
- Sometimes the deeds among partnership also are wanted by the bank.
Sonali bank limited is one of the leading commercial bank of Bangladesh which provides home loan to many people every year to make their dream true.