Features

Bahraini Nationals

Non- Bahraini Nationals

Minimum monthly income

BD 2000

BD 2000

Minimum Age

25 years

25 years

Maximum Age

60 years

60 years

Maximum Loan Amount

BD350,000 and up to BD 750,000 for high net worth individuals

BD350,000 and up to BD 750,000 for high net worth individuals

Loan To Value

80 % of property valuation or selling price, whichever is lower.

75 % of property valuation or selling price, whichever is lower.

Down Payment

20% of property valuation or selling price , whichever is lower

25% of property valuation or selling price , whichever is lower

Loan Tenor

Up to 15 years for land
Up to 25 years for property

Up to 15 years for land

Up to 25 years for property

Interest Rate

Highly competitive interest rate
( Fixed & Reducing)

Highly competitive interest rate
( Fixed & Reducing)

Grace Period

Up to 90 days

Up to 90 days

Minimum Period of Business operating in Bahrain or GCC
( CR Registration )

2 years

2 years

Debt Service Ratio

61% of net income

61% of net income

Early Settlement fees

0.75% or BD 200/- of the outstanding balance, whichever is lower

0.75% or BD 200/- of the outstanding balance, whichever is lower

Partial Prepayment

No penalty charge for partial prepayments. The amount is directed towards the principle amount of the loan

No penalty charge for partial prepayments. The amount is directed towards the principle amount of the loan

Processing Fees

•  Handling fees = Fixed BD 350
• Administrative fees = 25 fils per BD1000 per month on the approved finance amount
• Valuation fees = Property valuation BD 50

(In case the property /land value exceeds BD 350,000/- , two valuations are required

Insurance

Life insurance cover with

• BNI ( Bahrain National Insurance )
  Either lump sum or annual accepted
  
• BKIC( Bahrain Kuwait Insurance )
  Either lump sum or annual accepted
  
• Solidarity Family ( Lump Sum Premium )

Property Insurance cover with

• BBK Secura ( Insurance cover by BKIC )
• BNI ( Bahrain National Insurance )
  

Standard Documents

• Mortgage Loan Application
  
• Copies of CPR & Passport (with Resident Permit for Expats residing in GCC)
  
• Copy or Original Title Deed / Sale Agreement
  
• Life and Property Insurance policies
  
• Income Statement/ Bank Statement (last 12 months)
  
• Networth Statement (Assets Vs Liabilities)
  
• Original Commercial Registration (Minimum 2 Years)
  
• In case of additional income from rent. (Copy of the Title Deed generating the rent and the rent agreement needed to be obtained)
• Audited or in house financials if avaiable