| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
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Bank ABC - Housing Loans
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Minimum Salary: JOD 300 | Salary Transfer: No | Early Settlement Fees: No | Maximum Term: 25 Years | Flat Rate: - | Reducing Rate: 7.75 |
Loans granted to individuals working in the public and private sectors, professional, self-employed and expatriates for the following purposes:
- Buying houses and apartments
- Construction for residential purposes.
- Renovation and expansion of the existing property.
- Housing loan buys out from other banks.
Eligibility:
- Good reputation and track record
- Not blacklisted
- Applicants should not have any past dues related to previous loans at the time of lending
- Minimum monthly income should not be less than JOD 300 for the public sector, JOD 400 for the private sector, JOD 600 for joints borrowers, JOD 1000 for professionals and self-employed and JOD 3500 for Jordanian expatriates.
- Minimum length of service should not be less than 6 months for the public sector, 12 months for the private sector, 3 years for professionals and self-employed, 12 months for Jordanian expatriates with previous experience of minimum 3 years is proven.
- Minimum age of 21 and a maximum age of 70
- The property remains mortgaged for the benefit of the bank until the end of the loan period
- 1% commission calculated on the loan amount retrieved once.
- Early settlement fee of 1% of the settled amount in case the remaining payments are more than 12 payments.
Features
- Loan tenor is up to 25 years.
- Financing purchasing or building of houses is up to JOD 500000.
- Financing purchasing of houses in compounds is up to JOD 450000.
- Loan financing is up to 100%.
- Free card issuance fee for the first year.
- Life, total disability and mortgage insurance.
- Interest rate starting from 7.75% (Reducing).
Documents Required
- Photocopy of valid ID.
- 6 months bank statements.
- Property/Mortgage appraisal from accredited agencies to the bank and two appraisals are required if the loan is > than 100,000
- Property initial selling contract
- Housing loan application completed and signed by the customer
- Cash flow statement and financial declaration for professionals
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
