EBL MORTGAGE LOAN PAYMENT PROTECTION

EBL Mortgage loan payment protection is a terminating loan facility (EMI based) with life insurance protection for credit worthy individuals for meeting the purpose of a sweet home purchase and home refinance facility. Bank would finance against monthly income of any credit worthy individual to meet accommodation needs.

MetLife along with Eastern Bank Limited (EBL) will provide insurance protection to cover the outstanding balance of Mortgage loan with Death and Permanent Total Disability (PTD) Insurance coverage. Creditor insurance is applicable with respect to the face value of the loan. It is presented as a package to all Mortgage loan (Home loan, Home credit & Take over ) applicants, and proposed by means of Voluntary Enrollment (i.e., mortgage loan applicants, upon fulfilling the eligibility criteria and satisfactory medical evidence of insurability, can enroll into the scheme). The benefit (the outstanding balance) is payable to EBL as the irrevocable beneficiary and the additional benefits (same outstanding balance amount) will be provided to the beneficiary of the borrower.

The proposed creditor insurance will provide basic coverage in case of:

  • Death, due to sickness or accident (200% of the outstanding balance remaining on the date of death) and
  • Permanent Total Disability (PTD), due to sickness or accident (200% of the outstanding balance remaining on the date of the state of PTD)

 

Features

  • Home Loan for the purpose of
    • Flat/Apartment Purchase / House for residence purpose
    • Takeover of existing home loan from any bank / Financial institution
  • Loan amount: BDT 500,000 to BDT 20,000,000
  • Repayment tenure of up to 25 years  
  • Loan to value: 70% of the property value
  • Competitive interest rate
  • Early full and partial settlement allowed   
  • Shortest loan processing time
  • Minimal documentations
  • No hidden charges

Eligibility

Age:

  • Minimum : 25 Years  
  • Maximum : 65 years 

Minimum Gross Monthly Income:

  • Salaried Executives: BDT 30,000
  • Professionals: BDT 40,000    
  • Businessman/Land Lords: BDT 50,000 

Length of Experience:

  • Salaried executives: Minimum 2 year experience with 6 months employment with present employer  
  • Professionals: Minimum 3 years' experience    
  • Businessperson: Minimum 3 years involvement in business as per trade license.
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Interest Rates

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