Construction of houses on interest free installments in all police stations of Bangladesh Benefits of building a house on installment without interest
1. Economic stress reduces – no big math money at once.
2. Interest free system – you don’t have to count extra money, so you can save the cost.
3. Construction of house as planned – monthly installments can be constructed step by step.
4. Facilities in both rural and urban areas – currently serving various housing companies, NGOs, cooperative associations and some Islamic finance institutions in each police station in the country.
Construction of houses on interest free installments in all police stations of Bangladesh
How to get this benefit:
1. Local cooperative association and NGO
Many co-operative associations provide installment construction assistance for land owners.
Here usually, money can be obtained from funds step by step by step by depositing a specific monthly.
2. Islamic Finance Based Organization
Islamic Shariah based banks and finance companies offer loans based on Murabaha, Izara or Musharaka.
These determine service charge or profit instead of interest.
3. Private housing company:
Some organizations are taking installment house construction projects into hand.
Customers can build their house by deposit a certain amount of money on monthly installments.
4. Local venture
Often plans to build installment houses at the police station level in area-based initiatives (e.g. funding expatriates).
Construction of houses on interest free installments
The process:
1. Land must be your own (Certificate of Ownership essential).
2. Agreement must be made with selected organization.
3. Monthly installment quantity will be determined according to your budget and home size.
4. Construction will be completed step by step and will be paid every step.
How much money can you make a house on installment?
Small room (2 rooms, tinshed or single storey) – monthly installment of 2,000 – 3,500.
Medium Size Single Storey House (3-4 Rooms) – Monthly Installment of Rs 5,000 – 8,000.
Double storey or duplex house – installments starting at Rs.10,000 per month onwards.
Where will you contact:
Cooperative office of every police station
Islamic bank branch (e.g. Islamic bank, Al-Arafah Islamic bank etc)
Local Housing Company & Construction Farm
Upazilla or police station level NGO office
Conclusion: Every police station in Bangladesh is slowly spreading the facilities of building house on monthly installments without interest. This is a safe and effective solution for those who can’t raise big math money at once. If you own land, you can build your dream home within a few years with monthly installments.
