Personal Loan Against Mortgage
When you need to borrow a larger sum of money for personal or business purposes, you can secure your loan against your mortgage, borrow up to $200,000 at exceptional rates and spread your repayments over up to seven years.
Features
Description
Currency
USD
Maximum loan amount
USD 200.000 | Granting 50% of the property value
Mortgage
To be up to 125% of net amount
Maximum period
7 years
Minimum Period
3 years
Interest rate
Currently 15.39%
Interest type
Regressive floating rate
File fees
- File fees: 0.1% of the loan amount, a maximum of USD 200
- File fees Charging period:Taken once at beginning
- File fees payment method: Outside payment schedule
Stamp fees
- 1.5‰ on schedule of payment taken only once
Commission fees
0
Prepayment option
- Prepayment option: Accepted
- Prepayment commission and penalty: 1% of the remaining loan amount
- Minimum advanced payment: 1 note
Requirements
- Bank status of the applicant: BSL BANK Applicant is required to open a current account at BSL Bank
- Resident: Residents only (excluding expatriates)
- Salary domiciliation or automatic transfer letter
- Monthly installment: Not to exceed 30% of the monthly income and 40% of the monthly income if housing loan installments exists)
- Minimum acceptable age: 21 years
- Maximum acceptable age: Not exceed 64 at the maturity of the loan
- Minimum period of experience: Be employed for more than 2 years or self-employed for more than 2 years (with at least 2 years of profit)
- Mortgage
- Personal guarantee: Required on a case-by-case basis
- Expert fees: Between USD 150 and USD 200 (Depending on the region)
Insurance details
- Requirement for life insurance: Required
- Requirement for fire insurance: Required
- Type of life insurance: Death, Permanent Total Disability and Passive War
- Type of fire insurance: Fire, Explosion, Construction, Thunderbolt, etc.
- Life insurance coverage: 100% of the gross loan amount
- House insurance coverage: 100% of the property value
- Life and House insurances bought from: The bank
- Life and House insurance premiums paid by: The client | Yearly
- Life and House insurances payment method: Paid upfront
- Insuring company: Allianz-SNA or North insurance or AXA Middle East Life or Commercial Assurance or AL Mashrek
Documents needed
- Identity card or recent individual civil status certificate (3 months old maximum).
- Recent family register certificate (3 months old maximum).
- Recent proof of residence: mayor certificate or electricity bill in the name of the applicant (6 months old maximum).
- Copy of the apartment title deed or renting agreement.
-
For employees:
Authenticated salary certificate (specifying the position, employment starting date, NSSF number, monthly salary).
Statement of account for the past 6 months showing the salary domiciliation if any. -
For employees:
Balance sheet for the past 3 years
Statement of account for the past 12 months
Copy of the premises title deed or renting agreement
Commercial circular (if applicable)
Services bundled
- E-banking
- Moment Loyalty Program
