Islamic International Arab Bank PLC House Loan - Land Ijarah / Lease to own (for Jordanian expatriates)
|Minimum Salary needed||JOD 1,500|
|Maximum amount available||JOD 250,000|
|Length of Loan||10 Year|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Not mentioned|
|Eligibility||Jordanian expatriates working abroad; Finance up to 60% of the estimated value of the property, and can be increased under certain conditions|
|Main Features||Customer share will be growing with each installment paid to become a full share in the property at the expiration of the contract; No commissions on early settlement with the possibility of partial or total payment at every contract renewal annually;Free life Takaful insurance|
The Islamic International Arab Bank is one of the few banking top guns celebrated among Jordan’s best and largest banks. The Arab Bank conducts its banking business in compliance with the tenets of Shariah law .
IIAB was launched 85 years ago and it commands more than 600 branches globally in 30 countries and five continents.
Yester year, Global Investor awarded IIAB the Best Cash Manager in the Middle East and the Best Brokerage House in Jordan awards. Euro money likewise named it the Best Bank in Jordan six years running! In 2013, Arabian Business accorded IIAB the Regional Bank of the Year award.
The city of Amman rests on the western heights of Jordan. The city is the kingdom’s royal throne and chief city. It is also its largest and most populous city with a swelling cosmopolitan population that has hit 4 million. Amman is also the chief cultural and economic center of Jordan.
Its history is like a wine skin that carries both the old and new wine with two dichotomies that set the old city on the East and the modern wing on the West. Amman has a long history that dates back to the ancient Bible days when it was called Rabbath Ammon.
House Loan - Land Ijarah for Jordanian expatriates
This is one of the unique housing/land loan products from IIAB tailored for Jordanian nationals. Its unique features are:
- Funding of up to 50% of the property’s value;
- Loan amounts of between JD 25,000 -JD 250,000;
- Loan duration of up to 10 years;
- For Jordanian expatriates in the UAE, Qatar and Bahrain, Saudi Arabia , Oman and Kuwait; and
- Pre-approved Arab Bank Visa credit card.
* A valid national ID card;
* A valid resident visa for aliens;
* Current utility bills in the customer’s name e.g. water;
* Latest salary, income or employment verification papers;
* Property purchase and sale agreement;
* Ownership certificate of the property to be financed; and
* Proof of down payment.