Mortgage Apartment First Timer Loan
This loan is specifically designed to encourage first-time apartment buyers with a preferential interest rate, as this loan targets a wide range of customers, including public and private sector employees and Jordanian expatriates.
Loan Features
- Loan percent of total value up to 70%.
- Interest rate not exceeding 4.99% (fixed for the first three years, after that the following equation applies: interbank rate + 2.5%)
- Loan tenor up to 25 years.
Financing terms
- The customer must be a first-time apartment buyer
- Maximum loan value: JOD 150,000
- Maximum debt burden: not exceeding 55%.
- Maximum customer income: 2500 Jordanian dinars.
- Cases of transferring the property to first-degree relatives are excluded.
- Financing for the husband/wife is excluded if one of them owns a residential home.
- The loan granted under the program shall not be used to repay an existing loan for the client.
- The loan does not include construction and independent housing units, but rather to finance ready-made residential apartments only.
- All applications submitted are subject to the bank’s internal policy, including the absence of any negative indicators on the client’s inquiries (cases, returned checks, insufficient balance, lack of dues based on the CRIF system) with documentation of sources of income, repayment and salary transfer for residents with salaries.
Required Documents
- Valid identification card for Jordanians.
- Salary slip or certificate.
- Updated statement of account for the past 6 months from the bank you are dealing with.
- An official report for the husband and wife stating that there are no properties (residential apartment) from the Department of Lands and Survey.