Arab Banking Corporation House Loan
|Minimum Salary needed||JOD 300 for public sector, JOD 400 for private sector, JOD 600 for joints borrowers, JOD 1000 for professionals and self-employed and JOD 1500 for expatriates|
|Maximum amount available||Financing home/apartment purchase, build, expansion and renovation of existing house is up to JOD 350000; Financing purchase of lands for construction or possession purposes is up to JOD 250000; inancing purchasing of houses in compounds is up to JOD 450000|
|Length of Loan||25 Years|
|Profit Rate||8% (Reducing)|
|Upfront Fees ( if any )||Not mentioned|
|Eligibility||Debt burden ratio is up to 55%; Loan financing is up to 85%; Minimum length of service should not be less than 6 months for public sector, 12 months for private sector, 3 years for professionals and self-employed, 12 months for Jordanian expatriates or 6 months if previous experience of minimum 3 years is proven; Minimum age for the applicant should not be less than 21 years old; Maximum age of the applicant at loan maturity is 70 years old|
|Main Features||Free card issuance fee for the first year; Life, total disability and mortgage insurance; 1% commission calculated on the loan amount retrieved once|
Arab Banking Corporation
In 1980, the Amir of Bahrain made a special decree that founded the Arab Banking Corporation. Often called ABC, the Bank is based in Manama, in the Kingdom of Bahrain. Member of the Bahrain stockmarket list, the main stockholders are the Kuwait Investment Authority and the Central Bank of Libya. From its headquarter in the Diplomatic Area of Bahrain, the ABC operates all over the world through several branches and representative offices in eighteen countries on the five continents. The Bank provides banking products and services to individuals, notably Islamic Banking services, and to corporates, such as cash management and syndications.
First called Rabbat Ammon, according to the Bible, and then Philadelphia by the Romans, Amman is now the capital of the Hachemite Kingdom of Jordan since 1921. Located in the north west of the country, it has an ideal position in the Middle East for business men and multinational corporations which want to establish their presence and develop their business in this region. Amman is also great for tourists who want to enjoy a cultural tour and travel in the past, wherever they come from, as the city offers an interesting sightseeing with ruins and monuments built in the Greco-Roman period.
The Arab Banking Corporation provides housing loans to individuals, older than 21 years old, who want to buy an apartment or a house but also to construct, extend or renovate an existing property for living purposes. Plus, if needed, a housing loan buy out facility is available. The interest rate starts from 8% for a maximum duration of 25 years. The maximum loan amount is JOD 350000 for an apartment/home purchase and any construction from an existing house. The maximum loan amount for a land to construct is JOD 250000. The loan can finance up to 85% of an housing project.