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Salaried Applicants

Features

Bahraini Nationals

Non- Bahraini Nationals

Minimum Monthly Income

BD 350

BD 1000

Minimum Age

21 years

21 years

Maximum Age

58 years

58 years

Maximum Loan Amount

BD350,000 and up to BD 750,000 for high net worth individuals

BD350,000 and up to BD 750,000 for high net worth individuals

Loan To Value

80 % of property valuation or selling price, whichever is lower.

75 % of property valuation or selling price, whichever is lower.

Down Payment

20% of property valuation or selling price , whichever is lower

25% of property valuation or selling price , whichever is lower

Loan Tenor

Up to 15 years for land

Up to 25 years for property

Up to 15 years for land

Up to 25 years for property

Interest rate

Highly competitive interest rate
( Fixed & Reducing)

Highly competitive interest rate
( Fixed & Reducing)

Grace Period

Up to 90 days

Up to 90 days

Minimum Period of Employment

1 year
( For less than 1 year with the present employer 2 years with the previous is required )

1 year
(For less than 1 year with the present employer 2 years with the previous is required)

Debt Service Ratio

61% of net income

61% of net income

Early Settlement fees

0.75% or BD 200/- of the outstanding balance, whichever is lower

0.75% or BD 200/- of the outstanding balance, whichever is lower

Partial Prepayment

No penalty charge for partial prepayments. The amount is directed towards the principle amount of the loan

No penalty charge for partial prepayments. The amount is directed towards the principle amount of the loan

Processing Fees

  • Handling fees = Fixed BD 25
  • Administrative fees = 25 fils per BD 1000 per month on the approved finance amount
  • Valuation fees: Land valuation BD 25
    Property valuation BD 50

(In case the property /land value exceeds BD 250,000/- , two valuations are required.

Insurance

Life insurance cover with

  • BNI ( Bahrain National Insurance )
    Either lump sum or annual accepted
  • BKIC ( Bahrain Kuwait Insurance )
    Either lump sum or annual accepted
  • Solidarity Family ( Lump Sum only )

Property Insurance cover with

  • BNI ( Bahrain National Insurance)
  • BKIC ( Bahrain Kuwait Insurance )

Standard Documents

  • Mortgage Loan Application
  • Copies of CPR & Passport (with Resident Permit for Expats residing within GCC)
  • Copy or Original Title Deed / Sale Agreement.
  • Life and/or Property Insurance policies
  • Salary Slip (last 3 months)
  • Bank Statement (last 6 months)
  • Original Employment Certificate (Present/Previous Employers)
  • In case of additional income from rent. (Copy of the Title Deed of geenrating the rent and the rent agreement need to be obtained).

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