Regulatory Alerts2013-05-12
Added · Updated
DFIM Circular No. 02: Compliance of Related Rules and Regulations for Financing and Purchasing Leasing Building Apartment Floor Space by Financial Institutions
The Bangladesh Bank requires financial institutions to ensure that borrowers for residential and commercial building development, land development, and purchasing or leasing building units have obtained all necessary approvals from statutory bodies such as RAJUK, DHA, CDA, KDA, RDA, City Corporations, and Pourashavas. Financial institutions are prohibited from approving loans or lease facilities for private residential projects lacking statutory approval and must ensure existing loans comply with relevant laws including the Building Construction Act 1952 and the Environment Conservation Act 1995. Institutions must verify the actual use of loan funds for land development and submit a compliance report to the Department of Financial Institutions and Markets by June 30, 2013.
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