|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|IBL Bank Housing Loan||Minimum Salary: USD 800||Salary Transfer: No||Early Settlement Fees: No||Maximum Term: 30 Years||Flat Rate: 2.78%||Reducing Rate: 5.0%|
- Interest Rate: 5% for the first year, Min 8% starting the 2nd year depending on the Libor
- Minimum Loan Amount: USD 15,000
- Maximum Loan Amount: USD 500,000
- Monthly Income should not be less than USD 800
- Minimum Down Payment 15%
- Monthly Installment should not exceed 1/3 of the total monthly income
** 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.