|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Bankmed - Iskan Loan||Minimum Salary: USD 600||Salary Transfer: No||Early Settlement Fees: No||Maximum Term: 30 Years||Flat Rate: 2.32%||Reducing Rate: 4.17%|
In collaboration with the General Institute of Housing, Bankmed housing loan is the best solution to people willing to finance the purchase, construction, or renovation of a property.
- Loan amount up to LL 270 Million
- Minimum down payment of 20%
- Flexible payment terms
- Loan duration from 5 to 15 years followed by a similar period at GIH
- No mortgage, registration or stamps fees
** 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.