Mortgage in Manama
Home Loans in Manama
A decent home and housing is a universal and basic human need and right. This however can be taken a notch higher when the place people call home becomes known as their home. That is why we have mortgage in Manama designed by various banks with the aim of financing and safe guarding this fundamental right.
Understanding mortgage in Manama
Mortgage by simple definition is a loan that one gets from a bank or any other financial institution to enable them to:
Buy a new home;
Build a new home; or
Renovate their present home.
But before signing up for a mortgage in Manama, first put the following into consideration:
Critically assess the house you would like to purchase or upgrade and see if it has viable economic value in future. If told the house fails to meet this criteria you should consider either selling it or taking a loan to invest in another venture or asset that will offer better future returns ;
Do a comparison of the current market rates from different banks in terms of interest rates charged, flexibility of repaying and the costs of setting up the mortgage in Manama; and
Because property acquisition is a transaction that is subject to state regulations, you have to consult your lawyer concerning such legal matters, whether you are a foreigner or a citizen.
Eligibility for a mortgage in Manama
Applicants must be at least 21 years and above ;
Maximum age to get a home loan is 58 years if you are salaried and 60 years if you are not salaried;
Applicants require a steady income to repay the mortgage; and
Applicants must have a clean credit history.
Required documents for a mortgage in Manama
Valid proof of identity-national ID cards for locals and resident visas for expatriates;
Utility bill as proof of residence;
Proof of applicant’s age;
Most recent bank statements; and
Most recent salary slips.