• Financial

Loans can be taken from banks without mortgaging immovable property: Cabinet Secretary

  • Financial
  • 10 April, 2022 10:40:34

Photo: Collected

News Desk: The cabinet has approved in principle the draft of 'Secured Transactions (Real Estate) Act 2022' with the provision of taking loan from the bank even if the immovable property is mortgaged.

The approval was given at a cabinet meeting chaired by Prime Minister Sheikh Hasina at the Jatiya Sangsad Bhaban on Wednesday (April 8). Cabinet Secretary Khandaker Anwarul Islam said this at a press briefing at the Secretariat after the meeting.

"It's a new law," he said. We have to pay an equity against the loans we give from the bank, if we bring real estate or capital equipment. Here is a proposal from the Financial Institutions Department to give real estate as equity. '

The cabinet secretary said, "From now on, anyone can take a loan against immovable property. On the other hand, if a person has a fixed deposit, he can keep it as a security and take a loan according to the ratio. If someone has a bond, he can also take a loan with it. Expensive cars, gold, intellectual property mortgages can also be borrowed.

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