How to Get a Mortgage Loan?
Posted On June 12, 2018
Due to the recent high increment of properties prices, people find it hard to own property whether it was a residential, an administrative or a commercial property. So, there are numerous solutions to help citizens in the purchase process such as the mortgage loan. But, how to get a mortgage loan? and who can have it? find out now.
How to get a mortgage loan?
Who Can Ask for a Mortgage Loan?
Any adult that is over 21 years old and can provide documents to prove his fixed income whether he is working in government or private company.
What is the monthly installment amount that should be paid from the fixed income?
- If you’re a low-income employee, the monthly installment will be 35% of your monthly income,
- If you’re a high-income employee, the monthly installment will be 40% of your monthly income,
- If the mortgage loan was for social housing projects, the monthly installment will be 35%.
How to Get a Mortgage Loan or What are the Cases for Giving Loans?
Despite the common belief that mortgage loan can only be given in the case of purchasing a property, actually, it can be given in case of renovating property whether it’s a residential, a commercial, a service or an administrative property.
Also, the mortgage loan is usually 85% of the total property price, the price that is determined by a specialized evaluation committee of the bank or the mortgage loan company.
How to Get a Mortgage Loan and What are the Required Documents?
- The land and the property should be authorized with a building permit,
- The purchaser must provide a copy of his id, a copy of the property purchasing contract and documents to prove his monthly income.
Above, Murabahat has tackled How to Get a Mortgage Loan and all details concerning it.