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During 2009
JMRC continued its efforts to market its different products in the
lending side as well as in the borrowing side, through visits for
various management levels of concerned parties and to explain the
Company’s objectives, the mechanism of its work, and the advantages
to borrowers and to investors in its corporate bonds. This contributed
remarkably to increase the volume of housing loans extended by banks
and to improve the terms of such loans.
The housing loan programs which are available in the
market by local banks are as follows:
Purposes of the Loan |
Constructing, purchasing, maintaining, extending a housing unit or purchasing a land. |
Interest rate |
Varies between 8% - 9% annually. |
Commission |
Varies between 0% - 1% annually. |
Loan duration |
Up to (30) years. |
Percentage of loan / guarantee |
Up to 100% of the estimated value of property.
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The competition between banks resulted in offering some benefits by banks to the borrowers such as:-
- The bank undertakes mortgage fees, mortgage insurance fees, life insurance fee, and the valuation cost of the property.
- Granting a free credit card.
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