Everyone dreams of buying their own house one day with their hard earned money but, Nepali housing market trend with its ever increasing costs makes it a challenge for most. However, to overcome this obstacle, home loan is a viable solution for most.
Home loan is a fund that you can borrow from a bank or financial institution to buy, build or improve the house for a certain time period, keeping some valuable things as a collateral with which we agree to pay back the loan in regular monthly payments over a set period, plus interest.
Global IME Bank: Your Home Loan Partner
First-time home buyers tend to face challenges in truly understanding issues concerning eligibility, loan repayment terms, property financing, down payment requirements, loan tenure options and many more. Global IME Bank has been helping Nepali home buyers with such challenges and ensuring many Nepalis are building their dream home.
Global IME Bank: Your Home Loan Partner
Global IME Bank is a renowned “A class” bank in Nepal providing top-notch services all over the country since 2012. Like all of its various loan facilities such as housing loan and auto loan , Global IME Bank Housing Loan is also made considering the benefits of the borrower. More about this is given below:
Purpose of Home Loan
- Purchasing Residential Plots and Construction
Financing to buy residential land and construct a dream home. Making it much easier to buy land and build a home through Global IME Home Loan.
- Buying Individual Houses or Apartments
Our loan supports you to buy a new house or upgrade your existing one. This is also applicable if you are searching for living apartments.
- Purchase of bungalow or apartment already constructed by builders
Finance a luxury bungalow or apartment. Your budget need not be an excuse for getting a luxury bungalow; let us finance you!
- Refinancing Existing Properties
Refinance your current loan plan to take advantage of lower interest and consolidate debt.
- Renovation, Modification, and Extension
We also provide finances for renovating your property, modifying it to modern update and extending the living space.
- Transferring loans from other bank
Switch your existing home loan from another financial institution to Global IME Bank for better terms and service. Enjoy the benefits of competitive rates and personalized support.
Features of Global IME Bank Home Loan
- Competitive premium rate:
We provide attractive and advantageous interest rates by paying attention to the affordability and value of borrowers.
- Fast approval process:
Reviewing and approving loans quicker to provide loans as soon as possible.
- Tenure: up to 10 years:
We provide loan tenure up to 10 years, meaning it can be paid within the massive period of 10 years.
- Grace period up to 1 year:
Not required to pay regular principal and interest within the grace period of 1 year.
- Flexible Repayment Schedule:
We provide a flexible repayment schedule making it easier to repay the loan amount which best fits your financial standing. Those flexible schedules are either monthly (EMI) or quarterly (EQI) basis or quarterly interest payment.
- Facility available in all branches:
You can make home loan deals from any branches of Global IME bank despite the geographical location.
- Suitable property to loan ratio:
Financing up to 50% of fair market value of property within Kathmandu Valley and 60% outside Kathmandu Valley
- Counseling facilities:
Counseling to help better financing by our Relationship Managers throughout the process. Before it, you can check the best and most effective home loan plan using a home loan EMI calculator.
Eligibility Criteria
- Individual and co-applicant eligibility:
Applicants must be above 21 years old Nepalese citizens and co-applicant must be spouse, father, mother, brother or sister (living in the same family) with a personal guarantee.
- Income and employment requirement:
S/he must be a salaried individual or self-employed person or have a company/firm having sufficient income and cash flow to serve debt.
- Income verification:
Must have sufficient income source to repay at the bank’s satisfaction.
- Company Eligibility:
Company (Pvt./Public)/Proprietorship/Partnership (duly registered with the concerned government authority) proposing to use the apartments for residential use.
- Debt servicing condition:
Purchase of loan is subject to the satisfactory debt servicing to other Banks/FIs.
- EMI/EQI Income ratio:
EMI/EQI should not exceed 50% of gross income
- Disposable income ratio:
EMI/EQI should not exceed 80% of disposable income ( income left after tax and other mandatory deduction.
- Collateral requirements:
The residential property being purchased is included under acceptable collateral.
Conclusion
Getting a home loan in Nepal can be a significant move to achieving your dream of having your own house. Global IME Bank has supported thousands like you to get their dream house with supporting environment and services, competitive premium rate and flexible repayment schedule. Always ready to support and provide services that will give you peace of mind and financial stability, consider Global IME Bank for financing the home you always wanted.
