Supreme Court judges will get home loan up to one crore rupees
From now on, Chief Justice and Supreme Court judges will be able to take home loans with 4 per cent interest. Judges of the Supreme Court refer to the judges of the Appellate Division and the High Court Division of the Supreme Court. Loans can be obtained up to a maximum of one crore rupees.
The Finance Department of the Ministry of Finance has recently issued a circular in this regard. Its official name is ‘Policy on Provision of Home Construction Loans through Banking System for the Chief Justice of Bangladesh and Judges of the Supreme Court’. It learned that besides the Chief Justice.
From now on, Chief Justice and Supreme Court judges will be able to take home loans with 4 per cent interest
The circular was signed by Finance Secretary Abdur Rauf Talukder. Through this circular, the finance department has issued a total of four separate circulars for providing housing loans at 4 per cent interest. The first is for government employees, then for lower court judges and the third for public university teachers and teachers-employees of the University Grants Commission. Except According to the policy, the interest rate on home loan is 9 percent, the maximum loan limit is up to Tk 75 lakh.
The government has formulated a policy to provide housing loans to government employees through the banking system. It provides a maximum loan of Tk 75 lakh for house construction. Under the housing loan policy for government employees, lower court judges also get housing loan facility.
It is learned that besides the Chief Justice, there are currently 5 judges in the Appellate Division and 92 judges in the High Court Division.
AM Amin Uddin, the state’s chief legal officer, told Prothom Alo, “This decision is very timely for every judge of the Supreme Court.”
In addition to the Chief Justice, the Appellate Division currently has 5 judges, while the High Court Division has 92 judges.
According to the policy, the interest rate on home loan is 9 percent simple interest. Interest cannot be charged on interest. The borrower will pay 4 percent interest and the government will bear the remaining 5 percent interest as subsidy.
State-ownedwill not subsidize interest after the borrower Corporation and five private commercial banks – Islami Bank, Pubali Bank, Trust Bank, Community Bank and Standard Bank – will provide loans. If the government wants, it can appoint any other commercial and financial institution for lending.
Home construction loan means single loan for construction of house (residential), single loan for purchase of house with land, group loan for construction of house (residential) with land purchase, group loan for construction of house (residential) and loan for purchase of flat.
It has been said that the borrower has to be the Chief Justice of Bangladesh and a judge of the Supreme Court. The application deadline will be one year before their retirement. If someone retires with a loan, he has to pay interest at the rate of 9 percent. An applicant will get a housing loan only once under this policy.
This decision has been very timely for every judge of the Supreme Court
AM Amin Uddin, Attorney General
According to the policy, an applicant can take a loan to build a house in any part of the country. The land and house or flat proposed to get the loan must be completely free from liability. In case of buying a flat, only a loan can be taken for a fully constructed flat. However, if the flat is built by a government agency, then the condition of ‘fully constructed flat’ is relaxed.
It has been said that the loan repayment period will be a maximum of 20 years. The loan installment will be deducted on a monthly basis from the recipient’s salary to the loan term. The government will not subsidize interest after the borrower retires.
If the borrower dies, the unpaid installment of the loan will be credited to his due gratuity, that arrangement has to be made. If full repayment of the loan is not ensured through gratuity, the unpaid portion of the loan will be recoverable from his heirs leaving the interest rate unchanged.