Apart from real estate, the government is also creating opportunities to take loans from banks against immovable property such as electronic products, software and apps. For this, the Cabinet has approved a draft of ‘Secure Transactions (Real Estate) Act, 2022’. The draft was prepared by the Financial Institutions Division of the Ministry of Finance.
Prime Minister Sheikh Hasina on Wednesday approved the law at a cabinet meeting held at the Jatiya Sangsad Bhaban. After the meeting, Cabinet Secretary Khandaker Anwarul Islam held a press conference at the Secretariat and highlighted some aspects of the draft law.
He said the law would apply to any bank, insurance company, financial institution, microfinance institution, housing construction lender corporation, agricultural bank, any public-private lending institution, co-operative society and any lending international or development partner.
The cabinet secretary said that if there is a fixed deposit or immovable property, it can be borrowed on security. The proposed law now provides for loans from banks and financial institutions, even if the movable property is mortgaged.
He further said that in the draft law, furniture, electronic products, software, apps – the price of which can be estimated; Mechanical or non-mechanical vehicles; Properly preserved agricultural products, processed fish or aquatic animals, income generating animals are also included in the list of movable property.
