IDLC to offer home loan at 10pc interest

IDLC Finance Limited (IDLC), a joint venture multi product financial institution and a leading home loan provider, has recently signed a participation agreement with Bangladesh Bank (BB) to extend home loan facility, says a press release.
The central bank has introduced the 'Bangladesh Bank Refinance Scheme for Housing Sector' to facilitate the lower and middle-income groups of borrowers to have increased access to owning homes.
The scheme offers an affordable interest rate of 10 percent per annum for maximum 20 years with repayment facility of monthly installment basis.
As per the scheme, the participating banks and financial institutions will provide home loans to individual borrowers in the six city corporations -- Dhaka, Chittagong, Rajshahi, Khulna, Sylhet and Barisal 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 15 lakh as home loan facility.
Applicants who have not taken any home loan previously from any bank or financial institution, and those who do not have any housing or apartment unit in their own or spouse or children's name in the above-mentioned areas are eligible for the home loan facility.
In case of salaried persons, employees not having any home loan facility with their present employer or organisation are also eligible to apply.