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BisB's Property Finance. |
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| What are the special features of BisB's Property Finance? |
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- Maximum Finance Amount: BD500,000
- Processing Fees: 0.5% of finance amount
- Insurance: Life and Property Insurance to be obtained from any 3rd party Islamic Takaful Insurance provider.
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| What can I use BisB's Property Financing for? |
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The Property Finance product designed by BisB can be used to:
- Finance ready properties for residential purposes.
- Finance under construction properties for residential purposes.
- Finance lands for the purpose of developing a residential unit.
- Finance commercial properties.
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| What are the different contracts available to me? |
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Ijara Ma Wa’ad Bel Tamleek (for financing ready residential units):
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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 Mawsoofa Bel Thema Montahia Bel Tamleek (for financing under construction properties):
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The same conditions of the Ijara are applied except that at the time of signing the agreement the property is under construction.
Declining Musharaka (for financing commercial properties):
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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 a 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.
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| Am I eligible for BisB's Property Finance? |
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The general criteria for eligilibity of BisB's Property Finance program are as follows:
- Age of the Applicant: More than 21 years old at the time of applying for the finance and less then 65 years old for men and 55 years old for women at the maturity of the finance
- Minimum Monthly Income: BD500
BD1000 (Self Employed)
- Minimum Joint Income: BD800
- Other variable income: 3 months average of all constant variable allowance will be added to the monthly income
- Rent income: 50% of monthly rent income
- Minimum Work Experience: 1 Year
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| What documents do I require to apply for BisB's Property Finance? |
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a. Employed: If you are an employee of an organization or institution, you will require the following documents:
- Copy of valid CPR.
- Copy of valid driving license or passport.
- Payslip for 3 months.
- Most recent salary certificate.
- Bank statement for 3 months.
- Contract of employment (non Bahraini individuals).
- Copy of residence permits (non Bahraini individuals).
- Subject property title deed.
- Schedule of payment (under construction properties).
- Copy of the sale and purchase agreement (under construction properties).
- Copy of the Seller CPR or Passport.
- Filled finance application form with appropriate signatures.
b. Self-employed:
Individuals who are self employed will require to have the following documents:
- Copy of valid CPR.
- Copy of valid driving license or passport.
- Copy of the CR.
- Bank statement for 6 months.
- Copy of the memorandum and articles of association.
- Subject property title deed.
- Schedule of payment (under construction properties).
- Copy of the sale and purchase agreement (under construction properties).
- Copy of the Seller CPR or Passport.
- Copy of valid lease agreements (if any).
- Filled finance application form with appropriate signatures.
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