|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Bank Sohar - Al Mumayaz Home Loan||Minimum Salary: OMR 1,000||Salary Transfer: No||Early Settlement Fees: No||Maximum Term: 25 Years||Flat Rate: 5.49%||Reducing Rate: 9.88%|
- Lower interest rate
- Finance up to 80% of the property value
- Fast and simple application process
- Low monthly installments
- Joint borrower facility
- Loan tenor up to 25 years
- Grace period up to 18 months
- Life insurance coverage options
- Multiple options are available to pay insurance premiums
** 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.