House Finance for Freedom Fighters

The people of Bangladesh are enjoying the taste of freedom at the cost of sacrifice of large number of freedom fighters. They are the most respectable and honorable citizens of the country. Matter of regret is that many of them has not possess a good house for residence. As per the decision of Bankers Meeting held at Bangladesh Bank on 03-09-2015, Uttara Bank PLC. is going to introduce the above named loan product to provide housing to the Freedom Fighters of the country with the following terms and conditions.

 

Purpose: Provide Housing to the  Freedom Fighters. Outright purchase of House/Flat or Construction/ Repairing of Pucca/Semi-Pucca building for residential purpose

 

Eligibility

• Must be a listed /Certified Freedom Fighter
• Age: Minimum age 58  years (Minimum age for limit for being Freedom Fighter is 13), - Maximum age at loan maturity up to 65  years
• At least equal to the sum of yearly instalment
• Borrower must reside for at least 6 month in the same address

Loan Size: Maximum Tk.5.00 Lac

Loan to Value Ratio: 30% of purchase price of the property is to be paid by the Borrower

Interest Rate:10.00%  per annum with quarterly rest subject to change(s) that may be made by the bank from time to time..

Tenor: 12 Months to 84 Months

Repayment method: Equal Monthly instalment (EMI). Loan to be adjusted from the monthly allowance of the Freedom Fighter (Borrower)

Disbursement Mode: By making credit to customer’s Savings/Current account

 

First repayment date: 

• For outright Purchase of House/Flat  : 1^st repayment will be started at the of one month from the date of disbursement.
•  For Construct or completion of House : Maximum 6 months moratorium from the date of 1^st disbursement may be allowed.& 1^st repayment will be started at the end of 7^th month.

Debt Burden Ratio (DBR%): A maximum of 50% based on net monthly income

Security Requirement:

Loan to be covered by the 70% of Market value of the House/Flat to be purchased or  Land value where the building to be constructed.

• Lien of government provided monthly Freedom Fighters allowance with scheduled bank.
• Registered Mortgage of the property where against loan is to be availed by depositing  of original Title Deed with chain of documents.
• Registered Irrecoverable General Power of Attorney empowering the Bank to  sell the mortgaged property as and when required.
• An undertaking by the borrower in bank’s prescribed form to pay monthly instalments regularly in time.
• Post dated cheques for all instalments to be deposited in advance.
• One undated cheque covering total amount of all instalments
• Personal Guarantee of the Spouse or any other family member acceptable to the bank.

 

Required Documents:

• Recent Passport size color photograph of the applicant (s) and guarantor (s).
• Photocopy of NID/Passport/Driving License of the applicant (s) and guarantor (s).
• Copy of Latest utility bill (Gas/Water/Electricity).
• Business Card/Office ID of applicant (s) and guarantor (s), if any.
• Latest Tax Certificate, if any.
• Personal Net Worth Statement of the applicant (s) and Guarantor (s) to assess the repayment capacity.
• Bank Statement of last 12 months.
• Copy of Certificate of Freedom Fighter.
• Letter of Lien from the scheduled bank where the borrower draw his Freedom Fighters allowance.      

Availability Period :Maximum 6 months from the  date of sanction advice.

 

*condition will be applicable