Eskan Bank House Loan in Manama
|Minimum Salary needed||BD 400; BD 700 for land purchase|
|Maximum amount available||Purchase of a house or an apartment: BD 200,000; Residential land purchase: BD 80,000; Construction: BD 200,000; Renovation: BD 100,000|
|Length of Loan||For the Construction or Purchase of a house: up to 30 years; For the renovation or purchase of land: up to 15 years|
|Profit Rate||8.5% (APR 8.62%)|
|Upfront Fees ( if any )||1% of the finance amount|
|Eligibility||Bahraini nationals only; Minimum age: 23 years, Maximum age: 60 years at the date the last installment is paid; Maximum age for self-employed, professionals or retired people: 65 years; For a house purchase, the financing amount extended can reach up to 90% of the property value, or the purchase amount agreed upon in the sale and purchase contract, whichever is lower; Minimum of 3 months of employment for applicants in their current job at the application date; Salary starting from BD 400: 65% & For land purchase: 50%;|
|Main Features||Life insurance is mandatory; Property appraisal is one of the requirements; Joint financing is available for married couples only;|
Eskan Bank was established 36 years ago by the Kingdom of Bahrain with a specialized social mandate of offering mortgages for subjects of the Kingdom of Bahrain with low-to-medium level income. It is also to engage in community- related property development activities.
The bank has an authorized share capital of BD 400 million and paid-up capital of BD 108.3 million. Eskan Bank operates under a restricted conventional retail banking license issued and regulated by the Central Bank of Bahrain. By the end of 2013, total assets of the Bank stood at BD 576 million.
Since 2005, the Bank has diversified its engagements and now offers these services:
- Investment banking;
- Personal banking;
- Shari’a-compliant financing;
- Property development;
- Property management;
- Treasury; and
- Capital management services.
Manama is Bahrain’s largest city and its principal economic and cultural nerve center. The city is among the few ancient cities Middle East cities that have survived through all manner of times and seasons.
At the moment, the city has an approximated population of 157,000 inhabitants. Manama has a heritage of being a choice mercantile hub in the Middle East region and it has a cosmopolitan population.
Since the Bahrain Kingdom gained its independence, Manama has steadily transformed itself into a premier hub in Bahrain. The rise of petroleum wealth in Bahrain has immensely contributed to the city’s rapid growth .Inspired by a desire to diversify its economy beyond oil, Manama is shaping into a choice commercial destination in Bahrain and the larger MENA region.
Our house loan is tailored to enable you buy land for residential construction, purchase, build or repair your existing property.
Benefits and features:
- Minimum financing of BD 7,000;
- Maximum financing:
- Purchase of a house or an apartment: BD 200,000;
- Residential land purchase: BD 80,000;
- Construction: BD 200,000; and
- Renovation: BD 100,000.
- Maximum Financing Amount of up to 90% of the property value;
- Longer repayment periods: 30 years for home construction and 15 years for renovation or land purchase.
- Bahraini subjects only;
- Minimum age: 23 years;
- Maximum age: 60 years at the date the last installment is paid;
- Maximum age for self-employed, professionals or retired people is 65 years;
- Minimum income of BD 400 and BD 700 for land purchase;
- Life Insurance; and
- Fire insurance.