Bank of Jordan PLC House Loan
|Minimum Salary needed||Not mentioned|
|Maximum amount available||JD 250,000|
|Length of Loan||25 years|
|Profit Rate||Diminishing interest rate starting from 7.49%|
|Upfront Fees ( if any )||Not mentioned|
|Eligibility||Applicant’s age must be between 21-70 years old during the loan period, except foreigners or Jordanians working abroad, whose age must be between 21-65; Salary transfer to Bank of Jordan; Public sector, private sector employees, retirees, military, international organizations employees, as well as those who own their own business can apply. Jordanian expats as well as non-Jordanians currently in Jordan can also apply; Financing up to 80% of property value;|
|Main Features||Free first time property evaluation; 1% interest rate for the first year only; Free life insurance; Preapproved credit card without issuance fees;|
Bank of Jordan PLC
The Bank of Jordan began operations in 1960 and is today counted amongst the top 5 banks in Jordan. The bank boasts of a capital of more than JD 155 million, equity worth more than JD 320 million and assets totalling more than JD 2,100 million. Spread across Jordan as well as Palestine, the Bank’s distribution channels include close to 100 offices and branches as well as around 150 ATMs. The Bank of Jordan also boasts of electronic channels of distribution like Mobile Banking, Internet Banking, IVR (Interactive Voice Response), SMS services and a 24 x 7 customer service centre.
Amman has always been inhabited and is counted among the oldest cities across the world. Jordan’s cultural, commercial and political centre, the city is a very popular choice with business houses looking at setting up regional offices in the Middle East. This is perhaps the primary factor behind the sudden surge in Amman’s economic growth. In line with its growing economic presence, the government has invested heavily in infrastructure. This investment in the form of an expansion of the international airport, state of art transportation system for public use particularly the national railways and roadways is aimed at easing Amman’s transition into a regional hub.
Banks and other financial institutions offer home loans to those individuals who wish to either construct or purchase a house. The lender holds the deed or title of the property as a security until the loan and interest due on it has been repaid. Interest rates may vary from institution to institution. The bank computes the Equated monthly instalment or EMI and repayment tenure based on the borrower’s repayment ability. The borrower’s income, age and existing liabilities are all factors that influence repayment ability. Once all dues including interest are settled, the title of the mortgaged property reverts to the borrower.