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One of the basic human needs is to have a house to live in. A house is an abode of peace and happiness. Housing has now become an acute problem in the country, specially in the towns, cities and metropolis. With their limited income, it has become almost impossible on the part of the lower middle class, middle class and sometimes, even for upper middle class to solve their housing problem. To meet this basic human need, Islami Bank Bangladesh Limited is committed to contribute to this end to provide a peaceful and happy living. The Bank has introduced 'Housing Investment Scheme' with the objective to ease and minimize the housing problem and assist service holders and professionals with limited income in materializing their dream of becoming owner of houses.
Objectives
To extend the benefits of the investment of the Bank under
the Scheme to different sections of the people.
To assist in solving the existing housing problem of the
country.
To assist the service holders and professionals with fixed
income to arrange for houses of their own.
To extend the investment facilities of the Bank to every
nook and corner of the country, by size of investment, by sector of investment
and on the basis of geographical area.
To make investment facilities easily available under
Islamic Shariah to those people who do not want to avail investment facilities
from interest-based financial institutions.
Eligibility
Initially the following categories of people shall be
eligible to apply for availing investment facilities under this Scheme:
1.
Officials of the Defense Forces.
2.
Permanent Officials of Government, Semi-Government and Autonomous
Organizations.
3.
Teachers of the established Universities, University Colleges &
Medical Colleges.
4.
Graduate Engineers, Doctors and established professionals.
5.
Bangladeshi Officials of reputed Multinational Companies, International
Financial
Organisations, Donor Agencies, Foreign Embassies etc., Officials of
local established
reputed Public Limited Companies
6.
Wage earner professionals like Doctors, Engineers, Accountants, Teachers
and any other
profession doing good job abroad with hand-some pay-package.
The client must have exclusive and undisputed possession
and ownership title over the land on which the proposed house will be
constructed. The leased property must be on lease for 99 years and must be
legally acceptable for mortgage to the Bank. If the investment client is a
service holder then he must have at least 5 years un-expired service prior to
retirement.
Bank will select the client on the basis of the following
criteria: Percentage of Bank's investment is less than the client's investment;
amount of Bank's investment is comparatively smaller in size, quality of
construction & value of the property; constructed house/apartment is in good
location & the price is reasonable; return from the property (rented income)
& other known sources of income of the applicant; investment servicing
capacity of the client is quite satisfactory.
Target Area
At the initial stage, the Scheme
is being implemented in:
Dhaka metropolitan area.
Chittagong metropolitan area.
Rajshahi metropolitan area.
Khulna metropolitan area.
Sylhet metropolitan area.
Later on the Scheme will be
implemented in other district headquarters and business areas in phases.
Scope of Investment
Investment is to be extended to build new houses on the
client's own land, to purchase built houses/ apartments/flats and for extension/
completion of the house constructed/under construction.
The building to be constructed on the land must be as per
approved plan of the competent authority of that area, viz. RAZUK, CDA, RDA, KDA
etc.
The amount of investment will be limited to the following:
a)In case of construction on land owned by the
client: maximum 60% of the total cost of the construction of the building.
Maximum ceiling of the Bank's investment will be Tk. 30.00 lac
b)In case of purchase of apartment/flat/ready-made
house: maximum 50% of the value including purchase related cost. Maximum ceiling
of the Bank's investment will be Tk. 20.00 lac.
If any
client intends to provide the following securities to the Bank duly discharged/
completing necessary formalities by him, Bank may allow further or additional
investment in excess of the aforesaid ceiling to the extent of 100% of the value
of the securities: TDR & Mudaraba Savings Bond of Islami Bank Bangladesh
Limited, TDR/Fixed Deposit of any scheduled Bank, Wage Earners Bond, ICB Unit
Certificates, National/Defence Savings Bonds/ Sanchaypatra etc., Bank Guarantee
from any scheduled Bank.
Mode
of Investment
Hire Purchase under Shirkatul Melk (HPSM)
Period
of Investment
The
maximum period of investment shall be generally 15 years. However, the period of
investment shall be determined on the basis of the proposal of the client, the
amount of investment (for which the client has applied) and the ability of the
project or client to repay the dues.
Reasonable gestation period for construction be allowed
considering the size of construction and Bank's investment.
Bank's
Rent
The Bank, in accordance with its
normal practice shall decide rent on the investment. The clients, who will repay
the entire dues in time or before the stipulated time by way of payment of all
due instalments regularly, they will be allowed rebate on the rent.
Disbursement
Procedure of Investment
Bank will pay the sanctioned
money through Pay-Order directly or through investment client to the supplier of
construction materials/owner of the apartment/owner of the built house. However,
the following points shall be taken into consideration in disbursing the
investment:
In case of purchase of apartment/flat/built house, the
client shall have to deposit the equity money in the Branch or produce
documentary evidence in support of his investment upto the satisfaction of the
concerned Branch.
In case of construction of house on the client's own land
or for extension of the existing house, the valuation of the Bank as regards
client's investment shall be considered final.
The client shall have to submit to the Bank, the
construction plan approved by the competent authority and also the required
permission to mortgage the property, where necessary.
The client must execute all necessary documents including
mortgage deed and complete all necessary documentation formalities to avail the
investment. Related documents of mortgage, agreement of sale and other documents
must be vetted by the penal lawyer of the Bank.
Recovery of Bank's Investment
The client shall have to pay the Bank's dues by monthly
instalment immediately after the expiry of the period of construction. To ensure
payment as per stipulation of sanction the client, shall have to deposit
post-dated cheques to the Bank for the amount of each monthly instalments
covering the entire period of investment. The Bank shall realise the amount of
monthly instalment by depositing the cheque of a particular month on the first
week of every month.
The client shall have to execute irrevocable power of
attorney in favour of the Bank authorising the Bank to collect monthly rent from
the tenants incase of failure of the client to pay the monthly instalment.
Security
Personal guarantee of the clients, his/her spouse, adult
son(s) and daughter(s) shall have to be obtained.
Mortgage of land and building to be constructed thereon,
apartment/flat/house in favour of the Bank till the full payment of dues to the
Bank.
An undertaking from the client as well as from the
dependants (nominees) to the effect that the retirement benefits including
Provident Fund will be appropriated towards adjustment of the house building
investment liability of the client prior to any other appropriation, if the
liability relating thereto or any part of it remains unadjusted at the time of
getting the retirement benefits.
Procedure for Application
Interested persons shall have to
apply in prescribed form of the Bank through the Branch of the concerned area.
The Bank shall sanction investment if the proposal is found acceptable after
examination of its viability and profitability. The Bank reserves the right to
sanction or reject any investment proposal.
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