Purpose
- To finance the purchase, construction or renovation of a home
Eligibility
- Lebanese citizen
- Maximum age not to exceed 64 by the end of the loan period
- A minimum of two years of working experience in the same field
- Minimum net monthly income of USD 750
- Monthly payments should not exceed one-third of salary/income
Currency
Amount
- Minimum USD 25,000; no maximum
Interest Rate
- Regressive interest rate based on Cost of fund plus 2% (current loan rate 5.51 as of April 03rd 2012); reviewed annually
Repayment Period
- Minimum five years; maximum 30 years
Distinctive Features
- A detailed checklist that helps protect you against common pitfalls such as buying non-registered real estate and paying an inflated purchase price
- No restrictions on the purpose of the desired home
- Application can be made singly or as a couple
- Flexible repayment period
- Decisions on applications communicated with minimum delay
- Financing level up to:
- 70% for finished homes (can reach 80% in prime locations)
- 60% for homes in which the buyer is already a tenant
- 50% (land plus construction) for construction of a home
- 100% of the renovation cost (not exceeding 50% of the home's value after renovation)
- Possibility of financing apartment under construction with selected promoters/developers
- No mortgage fees and no stamp fees on loans for homes valued at USD 120,000 or less
- Pre-approved credit card – with USD 5,000 limit – for the first year with every approved Housing Loan
Conditions*
- First mortgage on the home
- Life insurance for the applicant
- Fire insurance on the home
* The Bank reserves itself the right to request any additional guarantees when necessary.