| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
National Bank of Kuwait - Housing Loan
|
Minimum Salary: USD 2,000 | Salary Transfer: No | Early Settlement Fees: No | Maximum Term: 1 Years | Flat Rate: 4.75 | Reducing Rate: 0.0 |
NBK housing Loan is ideal for earners with conservative buying partners because it can be customized. Every loan package is a tailor-fitted to the needs and current spend capabilities of the customer. Housing loan facilities to resident Lebanese citizens and expatriates employed in GCC countries as well as GCC nationals of NBK presence countries.
Interest Rates:
- 1st year 4.75%
- 2nd year onward, 1 year Libor+4%; Min 5.5% p.a.
- Minimum age: 21 years
- Age at maturity: 64 years
- Property age at maturity: 40 years
- Maximum Loan To Value (LTV) Ratio:
- New Purchase: Up to 75% of purchase price or evaluation, whichever is lower
- Equity release: Up to 75% of the evaluation price
- Chalet: Up to 50% of purchase price or evaluation, whichever is lower
- Maximum loan Tenor: 20 years
- Loan Currency: in USD currency
- Minimum loan amount: USD 75,000
- Maximum loan amount: USD 1,500,000
Minimum Salary Income:
- Salaried: USD 2,000 /LBP 3 Million
- Self Employed: USD 3,000 / LBP 4.5 Million
Minimum Length of Service:
- Salaried: 6 months in current employment subject to having a minimum of 12 months overall continuous employment
- Self Employed: 36 months
Employment Contract:
- Salaried: loans to employees with open-ended contracts only
Audited Financials:
- All self-employed/ professionals to submit their audited financials for the last three (3) years
Insurance:
- Life and total permanent disability insurance covering 105% of the loan amount in favor of the Bank.
- Fire and Natural Disaster Insurance assigned in favor of the Bank.
Collateral:
- First Degree Mortgage for a minimum of 120% of the loan amount in favor of the Bank.
** 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
