Mortgage in Amman
Home Loans in Amman
Decent habitation is a universal human need and right. This description will get more flavors when the decent place where one lives is known as their home. That is the reason we have mortgage in Amman fabricated by different lenders in order to finance and safe guard this fundamental right.
Understanding mortgage in Amman
Simply defined, Mortgage is a loan facility one gets from a bank to finance them to:
Acquire a new home;
Erect a new home; or
Give a face lift to their existing home.
But before signing up for a mortgage in Amman, then you better put the following into focus:
Take critical assessment of the property you wish to purchase or upgrade and see if it has future economic value. If told the house fails to meet this criteria you may still sell it or get a different loan to invest in a better venture that will bring you better returns in the coming days ;
Carry out a critical comparison of the current mortgage offers from different banks to find out their interest rates, flexibility of repayment and the overall costs of setting up the mortgage in Amman ; and
Given that property purchasing is a transaction subjected to legislative regulations, you will have to consult your lawyer regarding such legal matters, irrespective of whether you are a foreigner or a citizen.
Eligibility for a mortgage in Amman
Applicants must be at least 21 years and above ;
Maximum age for mortgage in Amman is 58 years for the salaried and 60 years for those who are not salaried;
A sustainable income to repay the mortgage; and
A good credit history.
Required documents for a mortgage in Amman
Valid proof of identity: national ID cards for citizens and valid resident visas for foreign nationals;
Proof of residence;
Proof of applicant age;
Most recent bank statements; and
Most recent salary slips.