Al-Salam Bank House Loan in Manama
|Minimum Salary needed||Not mentioned|
|Maximum amount available||BD 250,000|
|Length of Loan||30 years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Not mentioned|
|Main Features||Privileged fire and life Takaful coverage premium; Easy financing takeover option from other banks with no extra cost; Joint financing solutions also available; Available for outright purchase or construction of a property|
Al-Salam Bank -Bahrain B.S.C.
The Al-Salam bank is part of the well-known ABG group. The bank offers products and services in line with the traditional values held in high esteem at ABG. The bank enjoys a strong financial positon and high net worth thanks to its parent group. Thus the bank is able to offer its clients attractive lending rates particularly in the short term. This strategy has made the Al-Salam bank a favourite with institutional investors. The bank has made a name for itself as a sound investor who performs well and has a financial position to show as proof of its success.
The name Manama is Arabic in origin and is derived from the word ‘Al-manama’ that means ‘place of dreams or rest’. The city of Manama is situated on a small peninsular on the north-eastern tip of Bahrain. The discovery of crude oil saw the sleepy city of Manama transform into a popular tourist destination in the middle-east, particularly due to the large number of pubs and restaurants. The city hardly sleeps with beautiful museums to visit during the day and its bright and bustling pubs and shopping centres to enjoy at night. The climate of this much frequented tourist spot is much the same as the rest of the country, flat and arid.
This house loan from Al Salam Bank has some interesting features particularly with regard to the flexibility in repayment. The bank offers competitive profit rates. The bank loan can be for a maximum amount of 250,000 Dinars subject to the applicant meeting other eligibility conditions and is available for either construction or purchase of the property. The repayment tenure can extend to a maximum of 360 months. The self-employed applicant needs to submit audited financial statement for the last 3 years or bank statements for the last 6 months and a valid commercial registration. Employed applicants need to submit salary certificate or pay slips for the last 3 months and bank statements for the last 3 months. Expats need to submit a copy of their Visa along with the application. A copy of the title deed and 2 valid IDs are mandatory for all applicants.