ELIGIBILTY
- All Bhutanese residing in a third country with sufficient repayment capacity.
QUANTUM
- Commercial housing loan: 80% of building estimates and 70% of building estimates which exceed 50 million.
- Non-commercial (home) loan: 90% of building estimates.
- For renovation: 50% of the renovation cost.
- Takeover loan: Loan Outstanding with other Financial Institutions (FIs).
INTEREST RATE
CLICK HERE to view the Floating/Prevailing interest rate.
TENURE
30 years
CHECKLIST
- Application form duly filled in and signed on all the pages (Full Signature).
- CID copy of the applicant and guarantor if applicable.
- One recent passport size photo of the applicant.
- Salary slip/ Tax certificate/Bank statement (from any FIs to justify income) of applicant and guarantor (if applicable).
- Appointment letter for applicant and guarantor (if applicable).
- Power of Attorney (POA) to execute the loan documents. POA should be issued to a family member.
- A copy of a family tree generated within past one month at the time of application submission to authenticate whether the guarantor/individual to whom Power of Attorney (POA) is issued is a family member or not. A family tree should also be submitted, if the property is family-owned, along with a copy of the No Objection Certificate (NOC) from family members aged 18 years and above.
Additional for construction of commercial building/residential house
- Approved drawing plan of the building and a copy of approval letter for construction from concerned authority.
- Expected rental income for new construction (for commercial building).
Computation of LTI
- For computation of LTI, the combined salary of the spouse or family member (children) shall be considered. However, children must be of legal age.
- Multiple income sources shall be considered.
General Terms and Condition
- Email the duly filled loan form and other required documents to the Bank at [email protected]
- The land rate shall be based on the prevailing valuation of the Bank/common land rate.
- The seller should stand as a guarantor until the completion of the transfer of ownership (for purchase of fixed assets).
- Original documents should be mailed to CRM, Loan Section at Thimphu Main Branch, BoB.
- Power of Attorney (POA) given by the rightful owner for execution of loan documents may be accepted only in case of people residing outside Bhutan/unable to present themselves in the Bank. However, it should be witnessed by a person having a good track record with the bank. For acceptance of POA, refer to the following Guidelines on issuance of Power of Attorney by the client.
- POA issued by an Individual has to be special or Limited POA issued for one-time financial or banking transaction;
- POA issued by an individual has to be issued to a family member(Transaction pertaining execution of Legal documents, agreements);
- An Individual issuing a POA to a person has to specify the purpose for which the POA has been issued. The POA issuer has to fill up Bank’s POA form witnessed by a Bank’s client having a good track record.