What is Home Loan?
- Home Loan is the type of loan that First Private Bank offers to its customers to buy ready-made houses and condominiums with monthly installments conveniently.
Types of Houses and Condominiums
- Detached Houses established by Developers
- Condominiums established by Developers
Advantages
- Have your own house or condo by paying only 30 percent of the value of the house or condo as down payment.
- Invest in your own house or condominium.
- You can select the amount of loan to be in line with your income.
- You can choose the tenure of the loan up to maximum 15 years provided that your age should be not more than 70 when the tenure ends
- Repayment will be made with monthly installments by EMI method.
- You can securely buy and owned the house or condominium by using bank’s service.
- You can apply effortlessly at any branches of First Private Bank.
Interest and Repayment Plan
| (1) 30% Initial down payment | 10% per annum (EMI Reducing Method) |
| (2) 50% Initial down payment | 8% per annum (EMI Reducing Method) |
Requirements
- A copy of NRC Card and Household Registration Card with a passport photo of the customer
- Recommendation Letter from an official of your company mentioning your name, designation, name of company and your total service (Original document is required)
- Recommendation Letter from Ward Administration Office (Original document is required)
- A copy of Identity Card issued by your company
- Pay Slips for the last 3 months (Original document is required)
- Bank Statement for the last 6 months/Income tax receipts
- A copy of NRC Card and Household Registration Card with a passport photo of the applicant
- Letter from Ward Administration Office (Original document is required)
- Valid Business License
- Financial Statements for the last 3 years
- Receipts of Income Tax for the last 3 years
- Business Photos
- Valid Business License
- Copy of DICA Registration
- BOD Resolution (Original document is required)
- Latest Receipts of Income Tax (for the nearest year)
- Financial Statements (Balance Sheet, Profit & Loss A/c, Cash Flow Statement) for the nearest 3 years
- Monthly Sales Statements (for the nearest 3 months) or Operating Bank Statements (for the nearest 1 year) or Inward/Outward Remittance Bank Statements (for the nearest 1 year)
- Current business photos
- Other Bank Statements for the last 1 year (if any)
Application Procedure
- In order to apply FPB Home Loan, please visit nearest First Private Bank Branch and discussed with the branch manager for the loan amount, required documents, etc. and fill Application Form for FPB Home Loan.
- The applicant has to submit detail information on the house or condominium he or she want to buy and bank will scrutinize them.
- Once the buyer and seller signed the Sales Deed and all required documents are adequate and complete, applicant should submit the Home Loan application Form at the bank.
- The loan will be disbursed within maximum 2 weeks provided that all the required documents are adequate and complete.
- Sign the loan contract and open a current account at First Private Bank to deposit initial payment once the loan has been disbursed.
