AL NOOR Home Investment Scheme

Nature of the Product:

Al NOOR Home Investment Scheme is a terminating facility Equated Monthly Installment (EMI based) for house financing purpose which is operated as per Hire Purchase under Shirkatul Melk (HPSM) mode of Islamic financing.

Key Features:
  • Financing for buying new or old house/flat for own/family living or for renting out. [In case of buying old house / flat it will not be older than 15 years.]
  • To construct/extend of house/apartment.
  • To renovate/alteration/Interior Decoration of existing house/flat.
  • Taking over the existing House Finance facility from other Financial Institutions which is being permissible under Islamic Shariah.
  • Investment up to 2.00 crore (Minimum 5.00 lac) or as directed by Bangladesh Bank.
  • Maximum Tenure up to 25 Years.
  • Rate of Rent will be determined and updated when required by the Bank as per Bangladesh Bank Regulation and Instruction.
  • Rent will be charged as per Reducing Balance Method.

 

Bankers’ Obligations/ Customers’ Obligations:
  • Purchase, Construction, Renovation and/or Refurbishing of Apartment/Flat.
  • Purchase individual house, multistoried residential building for own/family living or for renting out.
  • Financing Registration Cost of procured residential properties.
  • Settlement of personal debt incurred during construction or buying of the property.
  • Other purposes approved by Bangladesh Bank and other govt. authorities under this scheme from time to time.
  • This investment cannot be taken for purchase of any property prohibited by Bangladesh Bank and other govt. authorities under this scheme from time to time.
  • Approved plan of the building should not be older than 20 years at the time of financing.
  • Moratorium Period: Maximum 12 months.
  • Maximum debt equity ratio: 70:30 (Bank : Client) or Prescribed by Bangladesh Bank from time to time .
  • 2% of the approved limit (Min. Tk. 2,000/-). No processing fee for ONE Bank employee. [As per schedule of charges from time to time].
  • Early Adjustment & Partial Adjustment is allowed any time without any types of Fee/Charges.