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Housing Loan

MIDAS FINANCING PLC is leading financial institution of the country licensed by Bangladesh Bank under the financial institutions Act 1993. MFP Housing Loan Scheme has been launched to fulfil the dream of the limited income people by extending financial support in the form of term loan for constructing a house and/or purchasing an apartment/readymade house/commercial space
Any Bangladeshi citizen within the age bracket of 30-60 years with recognized sources of income can apply for loan under this scheme. Main consideration for approval of loan are capability of repayment and the legal and structural condition of the property proposed as security.

Eligibility for loan is judged on the basis of age, monthly personal and family income, arrangement of own investment, assets and liability position, job/business status, nature of income and savings habit of the applicant.
Size of the Loan
The amount of loan shall be from Tk.3.00 Lac to Tk.75.00 lac but not exceeding 60% of the construction cost or purchase price of the property.
Terms of the Loan
The loan along with the interest is repayable in equal monthly installments over a period from 3 to 15 Years. Incase of commercial space maximum terms will be 8 years.
Rate of Interest
For present rate of interest and equated Monthly Installment (EMI), please contact any of MFL officers.
Disbursement of Loan
The sanctioned loan will be disbursed at a time or in installments.
Advance Repayment of Loann
The loan installments can be paid in advance any time before its maturity. In case of advance payment, the amount should be equal to 3 (three) or more installments.

Total loan can be repaid any time before maturity and in that case no interest for the residual period will be charged.
Early Settlement Charge
2% of the outstanding loan.
The property itself shall remain mortgaged with MFL till liquidation of the loan. Any expenses for mortgage and documentation shall be borne by the borrower.
Property Insurance
The property should be insured with an Insurance Company acceptable to MFL to cover the risk of probable hazards (fire, earthquake, etc.) at the borrowers expenses.
Loan Processing Expenses
A non-refundable amount @ 0.50% of the loan applied for (minimum Tk. 2,000/= and maximum Tk. 5,000/=) is payable at the time of submission of application.
Appraisal expenses @ 0.50% of the loan (minimum-TK.10,000/- and maximum-TK.200,000/- sanctioned is payable while accepting the sanction letter.
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