Apply For Property Finance : Bahrain Islamic Bank

Name of the Organization : Bahrain Islamic Bank
Type of Facility : Apply For Property Finance
Country : Bahrain

Website : https://www.bisb.com/en

BISB Apply For Property Finance

Committed to fulfilling your every need with a range of property solutions, Property Finance from BisB helps you own the house, land or commercial property that you desire.

Related : Bahrain Islamic Bank Apply For Personal Finance : www.statusin.org/5997.html

What are the special features of BisB’s Property Finance?
Maximum Finance Amount: BD500,000
Processing Fees: 0.75% of finance amount
Maximum Tenor: 25 years
Salary Transfer: Mandatory

What can I use BisB’s Property Financing for?
The Property Finance product designed by BisB can be used to:
Finance ready properties for residential purposes.
Finance commercial properties.
Re-finance owned properties

What are the different contracts available to me?
Ijara with promise to own (for financing ready residential units):
In the Ijara contract, the Bank will purchase the subject property and will lease the property to the customer on monthly installments. Along with the lease agreement, the bank will give the customer a promise to transfer the ownership of the property once all Ijara installments are paid in full.

Ijara (for financing under construction properties):
The same conditions of the Ijara are applied except that at the time of signing the agreement the property is under construction.

Diminishing Musharaka (for financing commercial properties):
In the Musharaka transaction, the Bank will enter in a joint venture with the customer for purchasing the subject property. The ownership of each party will depend on its contribution in the total price. The customer will also sign a contract stating that he/she is willing to purchase the bank’s portion of the property and pay the agreed price on monthly basis. Along the payment of the Musharaka installments, the bank’s ownership will decline gradually until the property is fully owned by the customer.

Eligibility:
Property Finance is available to Bahraini and non Bahraini nationals who are currently employed within any organization that is listed on BisB’s Approved List of Employers (ALE).

The general criteria of obtaining a Property Finance from BisB is detailed below:
Age of Applicant: Above 21 years of age at the time of application and less than 65 at the maturity of the finance.
Minimum Monthly Income: BD500 (employed).
BD800 (joint).
BD1,000 (self-employed).
Minimum Work Experience: 1 Year.
Maximum DSR (Debt Service Ratio): upto 65%.
Rent Income: 50% of monthly rent income for owned properties.

Required Documents:
To apply for Property Finance, applicants must provide the following documents:

Employed:
If you are an employee of an organization or institution, you will require the following documents:
** Two valid Identifications.
** Latest 3 months Pay Slip.
** Latest 3 months Bank Statement.
** Latest Salary Certificate.
** Contract of Employment (non Bahraini individuals).
** Residence Permits (non Bahraini individuals).
** Indemnity Letter (non Bahraini individuals).
** Subject Property Title Deed.
** The seller’s Smart Card or Passport copy.

Self-employed:
Individuals who are self employed will require to present the following documents:
** Two valid Identifications.
** The Commercial Registration (CR).
** Latest 6 months Business Bank Statement.
** Memorandum and Articles of Association.
** Subject Property Title Deed.
** The seller’s Smart Card or Passport copy.
** Valid Lease Agreements (if any).