Banks or financial institutions have made buying your dream home much easier. Usually you have to wait years to save enough money to buy a house. With a home loan, you can buy a home quickly and then repay the loan in monthly installments. The bank can give you a loan for a fixed period of time where you have to choose simple or fixed interest rate.
You must choose the loan very carefully so that the interest rate is low and take the right loan.
What is AB Bank Home Loan?
AB Bank home loan is a secured loan obtained as security for the purchase of a house or flat by an amount of money borrowed by a person, usually from banks and companies that lend money. This home loan offers high-cost funds at low interest rates and long tenures.
Some important points to consider while applying for a home loan are:
Principal amount: The amount of money you will borrow from the bank or financial institution.
Loan Tenure: Within how many days you have to pay back the loan amount. Depending on the nature of your income, you can choose a period that suits you.
Interest rate: The interest rate depends on the principal amount and the period for which you repay the loan. Usually banks or financial institutions set interest charges in return for servicing their loans.
EMI amount: Pay in monthly installments for the duration of your loan and continue till the end of the loan term. Each EMI is a combination of loan principal + interest. With each EMI, you will have to pay back more of the principal and the interest amount will gradually decrease.
AB Bank Home Loan Key features
- Loan amount: 70% of the value of the apartment /construction or BDT 2 crore
- Application fee: Free
- Processing fee:
- Loan Limit up to Tk.50.00 lac @0.50% but not over Tk.15,000
- Loan Limit above Tk.50.00 lac @0.30% but not over Tk.20,000
- Loan Tenure: Maximum 20 Years
- Interest Rate: 9.00%
- Insurance coverage:
- Property insurance for Earthquake and Fire
- Life insurance (optional)
- Guarantor: No guarantee.
Eligibility for AB Bank Home Loan
- Customer Segments:
- Salaried Personnel, Self-employed Professional, Business Person, Landlord/ Landlady
- Any Bangladeshi Citizens
Required common documents for the applicant
- Copy of National ID Card/ Valid Passport
- Latest TIN Certificate or Income Tax Return Acknowledgement Slip
- Recent passport size photograph
- Last 6 months bank statement
- Copy of valid photo ID visiting card/ driving license
- Letter of Introduction (Original Copy) as per bank Format (for Salaried Personnel)
- Certificates of Professional Expertise/ Qualification (such as MBBS & BMDC Certificate for Doctors) from concerned institution/ authority for Self Employed Professionals
- Trade License, MOA, Certified Copy of Form XII (Particulars of Directors) from RJSC, Certified Copy of Schedule X (List of Share Holders) of the Public / Private Limited Company for Business Person
- Ownership of the rented Property in the name of the Owner of the rented property for the Landlord / Landlady
- Personal guarantor
- Other documents necessary/applicable.
Finally, many may be familiar with the above mentioned terms and conditions and you are much more aware person to understand the home loan process. This way you can find a AB Bank home loan partner to purchase your dream home.
FAQs: AB Bank Home Loan
Q: What is the purpose of the AB Bank Home Loan?
A: To buy a new or old house/flat or take over existing housing loans from other banks/financial institutions.
Q: What is the maximum loan tenure?
A: Up to 20 years.
Q: What is the interest rate for AB Bank Home Loan?
A: 9.00%.
Q: What is the maximum loan amount?
A: BDT 2 crore.
Q: What is the minimum age to apply for a Home Loan?
A: 18 years.
Q: What is the processing fee for the home loan?
A: Maximum 0.50% as per the schedule of charges of AB Bank.
For more information about AB Bank Home Loan, Click here.