Cairo Amman Bank House Loan - For financing land for employees of the public sector
|Minimum Salary needed||Not mentioned|
|Maximum amount available||Not mentioned|
|Length of Loan||10 Years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Not mentioned|
|Eligibility||Monthly installment not exceeding 40 % of the family’s monthly income|
|Main Features||Finance in an amount equaling no more than 100% of the estimate of the land value, for the public sector.; No guarantor; Life insurance for the borrower covering the entire loan amount|
Cairo Amman Bank
A pioneering bank in the Middle-east, the Cairo Amman Bank has an integrated network of offices, branches and ATMs spread across Jordan and Palestine. The bank is well-known for its use of user friendly and innovate technologies that are fully integrated into its banking process. The iris recognition technology is the latest addition to its network. This technology has done away with the need for time consuming identity verification processes as well as the need to carry around ATM cards or remember PIN codes. Rather the bank’s ATMs and personal teller counters are equipped to scan the retinas of their clients for recognition.
The city of Amman is home to an interesting mix of people. Migrants from Palestine, Syria and Iraq have made a home in Amman. Built from white stone, this sleepy village has transformed itself into a modern and westernised city. While the old city still lives on in the east, western Amman is growing by leaps and bounds. Eastern Amman is primarily a residential area while western Amman is the developing regional business hub with modern malls, offices & business centres and luxurious apartments and hotels. The ease with which Amman has metamorphosed into a leading business centre is to be commended.
House Loan (For financing land for employees of the public sector)
Clauses for purchase of land are slightly different from those for purchase of a house. Public sector employees looking at house loans for purchase of land can avail of loans amounting to 100% of the land value, with a repayment tenure not exceeding 10 years. These loans do not require a guarantor and can be availed at competitive rates of interests. The monthly instalment payable by the borrower cannot exceed 40% of the family’s gross income. An important clause in such loans is that the borrower’s life needs to be insured for the entire amount of loan being availed.