| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bankmed - Housing Loan in USD
|
Minimum Salary: USD 800 | Salary Transfer: No | Early Settlement Fees: No | Maximum Term: 20 Years | Flat Rate: - | Reducing Rate: 7.0 |
At Bankmed, we designed regular housing loan program to make owing a house easier for you. It meets your specific payment capabilities to buy or renovate a house. Its unique features give you total financial control with flexibility.
Features
- Minimum down payment of 25%
- Flexible payment terms
- Loan duration from 5 to 20 years.
- Principle approval within 48 hours of submitting the application
Documents Required
- Copy of national ID
- A certified salary attestation with a history that does not exceed 21 days from the date of submission of the application
- Aged between 25 and 64 years for employees and up to 68 for self-employed and 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
