Social Islami Bank Home Finance
A home loan is an agreement between a borrower and a lender to lend money to someone to buy a house, apartment, or other habitable property.
What is the purpose of Social Islami Bank Limited’s (SIBL) Home Loan?
Home loans are loans for buying an under-construction or ready-made property from a developer, buying a resale property, constructing a housing unit on a plot of land improving and expanding an existing house.
Social Islami Bank Home Loan Details
| Interest Rate | 9.00%-10.00% |
| Loan Processing fee | Up to T k. 50.00 Lac – @ 0.50% but not exceeding Tk. 15,000/- Above 50.00 Lac -@ 0.30% but not exceeding Tk. 20,000/- |
| Loan Amount | Minimum TK.5.00 Lac Maximum TK. 200.00 Lac |
| Loan Tenure | Minimum – 3 years (36 months) Maximum – 25 years (300 months) |
| Early settlement fee | Adjustment of Investment before maturity- 0.50% of the outstanding Investment. |
Features and Benefits of Social Islami Bank Limited Home Finance
- Advance payment without any charge
- Early settlement without any cost
- Highest Loan tenure up to 72 months
- Customer can buy a reconditioned vehicle
- No hidden cost and Loan A/C statement
- Tax certificate free of charge.
Eligibility Criteria for Social Islami Bank Limited Home Loan
Here are the eligibility criteria for the loan:
- Nationality: Bangladeshi
- Minimum Income:
- Total aggregate income must be more than BDT 40,000/- for all segments, whereas one of the applicants must have a minimum income of BDT 15,000/-.
- In the case of multiple applicants, each of the applicants must have a minimum income of BDT 10,000/- for income aggregation.
What are the required documents?
Salaried Executives:
- Letter of Introduction (LOI)
- Pay slip (if available)
- Copy of National ID/Voter ID/ Passport/ Driving License/ Employee ID
- Bank Statements for the r last 6/12 months
- Recent Photographs
- TIN Certificate
- Business Card etc.
Self-Employed Professionals:
- Copy of National ID/Voter ID/ Passport/ Driving license
- Bank Statement for the last 12 months
- Certificate of professional degree (i.e. MBBS, etc.)
- Certificate of Membership with respective Professional Association (i.e. BMDC, etc.)
- Recent Photographs
- TIN Certificate
- Business Card etc.
Businessman & Landlords:
- Copy of National ID/Voter ID/ Passport or driver’s license
- Bank Statement last 12 months
- Copy of Trade License (for proprietorship & partnership firm)/Partnership Deed (for partnership firm) /Memorandum & Article of Association and copy of share summary (for Limited Liability Co.)
- Monthly Sales Report of last 12 months for businessman
- Rental Agreement (For landlords)
- Proof of property ownership/ municipal tax receipt (For landlords)
- Statement of the A/C where rental income is reflected (For landlords)
- Recent Photographs
- TIN Certificate etc.
Frequently Asked Questions (FAQs) on Social Islami Bank Limited Home Finance
Q: How do I apply for a Social Islami Bank Limited Home loan?
A: You can apply for a Social Islami Bank Limited Home loan through multiple avenues. You have the option to apply by visiting the bank’s official website, by going to the nearest branch, or by using the online application.
Q: How much monthly income do I need to qualify for a home loan from SIBL?
A: To be eligible for a home loan from SIBL, you should have a monthly income of more than BDT 40,000 for all segments. If there are multiple applicants, the minimum income requirement is BDT 10,000 for income aggregation.
Q: Can I get tax benefits on my home loan from SIBL?
A: Yes, you can enjoy tax benefits on your home finance when you take a loan from SIBL.
Q: What is the payment mode for the loan?
A: The payment mode for the loan is on an Equal Monthly Installment (EMI) basis, and you can choose a repayment period of up to 300 months.
Q: What is the minimum tenor for a home loan from SIBL?
A: The minimum tenor for a home loan from SIBL is 36 months.
Q: How do I apply for a home loan from SIBL?
A: To apply for a home loan, you can obtain the personal loan booklet from any branch of the bank and submit your application along with the required documents.
For additional details, you can send an email to info@sibl-bd.com or contact us at 16491.