| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Boubyan Bank - Construction Finance
|
Minimum Salary: KWD 500 | Salary Transfer: | Early Settlement Fees: | Maximum Term: 15 Years | Flat Rate: - | Reducing Rate: - |
Eligibility
- Minimum age: 18 years
- Guardian’s signature is required if the customer age below 21
- Minimum net income: KD 500
- Minimum finance KD 1,000 and maximum KD 70,000
- Minimum tenure 12 months and maximum 180 months
Features
- Finance up to KD 70,000
- Free liability insurance
- No salary transfer required
- Grace period of up to 3 months
- Monthly installment starting from KD 100
Documents Required
- Civil ID
- Military ID for military staff
- Salary certificate
- Supplier quotation
- Salary certificate from MGRP for private sector employees
- Account statements for the last 3 months for non-Boubyan customers
** 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
