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Self Employed Applicants

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 25 years

Up to 25 years

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 :

BD 220
  • Loan amount up to BD 150,000/-
BD 330
  • Loan amount up to BD 250,000/-
BD 550
  • Loan amount above BD 250,000/-

  • Administrative fees = 1% of financed amount
  • Valuation fees = Breakdown below

Mazaya Reports Fees (BD)
Apartment 50.000
Villa60.000
Apartment75.000
Lands 
Up to 1,000 Sqmt.70.000
1,001 - 5,000 Sqmt.100.000
More than 5,000 Sqmt.To be quoted
Villas 
Villa with land size up to 1,500 Sqmt.100.000
Villa with land size  1,501 to 5,000 Sqmt.140.000
Villa with land size  more than 5,000 Sqmt.To be quoted
Residential Buildings  
1-3 Storey with land size up to 1,000 Sqmt.120.000
4-10 Storey with land size up to 1,000 Sqmt.180.000
11-30 Storey with land size up to 2,000 Sqmt.250.000
31-50 Storey with land size up to 4,000 Sqmt.550.000
Compound Villas 
2-6 villas with land size up to 3,000 Sqmt.200.000
7-10 villas with land size up to 5,000 Sqmt.300.000
More than 11 villas with land size up to 5,000 Sqmt.400.000
Warehouses & Workshops 
1 Warehouse/workshop with land size up to 1,000 Sqmt.150.000
Multi Warehouse/workshop with land size 1,001 - 5,000 Sqmt.300.000
Multi Warehouse/workshop with land size more than 5,000 Sqmt.400.000
Commercial, mix-used propertiesTo be quoted
Special Projects To be quoted
 
All fees are subject to 10% VAT
Above rates are for standard properties only and any special case or change in valuation requirements, rate will be revised

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

Insurance

Life insurance cover with

  • BNI ( Bahrain National Insurance ) -  Lump Sum Premium
  • BKIC ( Bahrain Kuwait Insurance ) - Lump Sum Premium
  • Solidarity Family -   Lump Sum Premium
  • Takaful -  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 available

 


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