|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Arab Bank - Home Construction Loan||Minimum Salary: USD 0||Salary Transfer: Yes||Early Settlement Fees: No||Maximum Term: 25 Years||Flat Rate: 7.42%||Reducing Rate: 13.36%|
With Arab Bank Home Construction Loan, building your dream home could not be easier or more convenient. It is flexible and offers you a host of benefits!
- Competitive interest rate on USD loans equal to Beirut Reference Rate (BRR) +0.75%
- Loan amount ranging from USD 20,000 up to USD 500,000
- Loan tenor up to twenty five years
- Affordable monthly installments according to your income
- Financing up to 70% of the house final value against property mortgage
- Free Visa Electron Card, Internet Banking and Mobile Banking Service
- Life and property insurance at competitive rates
- Pre-approved Visa Credit Card free of charge for the first year.
- Valid national ID (for Residents) or valid passport with valid Resident visa (for Non-Residents)
- Latest Salary/Income/Employment verification document
- Property purchase and sales agreement / contract
- Ownership certificate of the financed property
- Proof of Down payment
** 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.