Housing Loan Application: How to Simplify the Process
This explanation is provided by Bnooki.com which is a free platform specialized in comparing and facilitating access to loans provided by Lebanese banks in Lebanon.
It is already a hassle to figure out which Lebanese bank will offer you the best conditions to apply for a housing loan, not to mention the paperwork requirements that can be quite a headache.
Housing Loan features in Lebanon vary by product and per bank, however Lebanese banks require a minimum down payment; usually the sum should cover 20 to 25% of the loan. The bank can consent to finance partially the loan and the approval varies from a minimum to a maximum loan amount. The monthly repayment period is set up from five to 30 years, the loan holder and the financial institution will agree on its duration. Lebanese residents and expatriates are eligible for housing loans, as long as they are above the age of 21 years. In general, the interest rate is regressive starting as low as 3,5%. As for the guarantees, the customer will have to benefit from a life insurance policy as well as a home insurance policy in case of a disaster.
To check different products’ specifications, you can start by researching the different housing loans offered by Lebanese Bank’s on Bnooki.com. This site will help you understand and compare the different offers on the market that fit your requirements.
As a second step, you are required to provide the list of paperwork itemized below. We have divided the documents required into two sections, noting that other documents might be required at each bank’s discretion:
Personal Documents
Personal ID
A recently dated Family Status Certificate
A recent Judicial Record
Proof of Income: Salary authentication / Statement of account (depending on whether employed or self-employed)
Copy of NSSF (National Social Security Fund), if available
Copy of title deeds, if available
Proof of residency
Documents related to the residence
Real estate certificate of the plot
Property integral regulations
Copy of the title deed of the residence
Copy of benefit of plan and easement of the alignment plan
Copy of the habitation permit certified
Allotment map i.e. zoning and planning map
Selling contract or promise of sale (with a copy of the seller’s ID)
Copy of the receipt of the down payment settlement
Appraisal report issued by an expert authorized from the Bank
The list of requirement can be intimidating and completing the process can be complex. It shouldn’t though hinder your goal. Bnooki’s team of experts is available to help and provide you with the adequate housing loan advice free of charge.
Fill in the form online on bnooki.com, with your contact information and request; Bnooki’s experts will contact you back in a period of two days with an answer and advice best suited to your needs.