| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Credit Libanais - Iskan Loan
|
Minimum Salary: USD 450 | Salary Transfer: No | Early Settlement Fees: No | Maximum Term: 30 Years | Flat Rate: 0.0 | Reducing Rate: 5.07 |
First time homebuyer? Then Credit Libanais Iskan Loan might be ideal. This loan is subsidized by the Public Corporation for Housing (PCH) to cover the cost of purchase, renovation or completion of an existing home that will be used as a primary residence. This loan is exempted from fees and has lower monthly installments. Iskan is an affordable way to buy your dream home.
Features
- Loan amount ranges from LBP 30 to 270 million
- Repayment period of 10 to 30 years, split evenly between the bank and the PCH
- Financing up to 90% of the property value, 10% of which will be blocked at the bank in the name of the PCH
- Interest rate fixed for 2 years and reviewed according to fluctuations in the rate (of the 2-year Treasury Bill in LBP)
- Property is mortgaged as collateral
** 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.
