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KFH-Bahrain, the ’Bank’, offers its clients with multiple options of Real Estate financing, compliant with the Islamic Shari’a principles, having flexible repayment plans at low profit margins. The financing are also offered with many benefits based on the financing type.
Real Estate Finance based on “Ijara Muntahia Bittamleek” or Lease-to-Own facility:
The Bank will buy and own the property and lease it to the client with an agreement to transfer the ownership to the client once the installment period has expired (matured, settled). This facility is applicable for existing buildings, lands, houses and flats, and, new or under construction houses and flats.
“Ijara Muntahia Bittamleek” or Lease-to-Own facility features:
- Low down payment.
- Competitive profit margin.
- Easy installments up to 25 years.
- Up to 65% salary or income deduction.
- Acceptance of joint salary transfers.
- Various settlement methods.
- Financing for ages between 21 – 60 years.
- Fast approval of any transaction that meets all credit criteria.
- Inclusive of Fire Insurance*
- Inclusive of Life Insurance*
- No Administrative Fees
- No Down Payment Option*
- Up to 3 months grace period*
Note: Terms & Conditions apply
Required documents for finance application:
- Property documents.
- Original salary certificate or payslip.
- Account statement for the last six months.
- Salary transfer letter (subject to terms & conditions).
- Copy of customer passport and CPR with the information sheet.
- Copy of the property owner passport and CPR with the information sheet.
- Copy of CR for self-employed customers.
- Salary transfer or Post-Dated cheques (subject to terms & conditions).
- Customer provides the required documents to the Bank’s sales representatives.
- The customer selects the method of payment to the Bank’s and pays the down payment.
- The Bank conducts an initial review of the financial statements of the customer.
- Once the transaction is approved, seller signs a Sale of Real Estate Agreement with the Bank’s and the customer signs Real Estate Ijara Selling agreement.
- Ownership of the real estate transfers to the customer in a Sale of Real Estate contract once all the conditions of the Real Estate Ijara Agreement have been met.
- Customer takes ownership of the real estate property.
