|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Al-Mawarid Bank - Housing Loan||Minimum Salary: USD 445||Salary Transfer: No||Early Settlement Fees: No||Maximum Term: 30 Years||Flat Rate: -||Reducing Rate: -|
AL-MAWARID Bank understands that purchasing a home is one of the largest financial commitments that you will make. Therefore, in partnership with the Public Corporation for Housing, we offer you a long-term housing loan, whereby you will only pay back the principle of the loan over the first half of the loan period, and the interest over the 2nd half.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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.