Mortgages Paying for your Bahrain property
Bahrain has over 400 banks and financial institutions, including insurance companies and Islamic banks. You should be able to find a bank that will give you a mortgage at a reasonable rate.
Many banks in Bahrain are international or have a significant presence in other Gulf states. Both international banks like HSBC and Standard Chartered and Bahrain banks such as Bahrain Islamic Bank and Arab Bank Bahrain will sell mortgages to foreigners.
You will need to provide a lot of paperwork in order to take out a mortgage. Some banks have more requirements, such as home insurance, but in general they ask for the following basic documents:
- passport or driver’s license
- CPR card (Bahrain identification document)
- bank statements from previous three months
- proof of income
- sales/purchase agreement
Your mortgage amount and how long you have to pay it back depend on the bank. However, you can expect a maximum of 80% of your property purchase price, paid back over 25 years.
BBK announced Strategic Partnership with Era Projects Bahrain.
BBK, Bahrain’s pioneer in retail and commercial banking, announced today that it has signed a Memorandum of Understanding (MOU) with Era Projects, initiating a strategic partnership agreement, through which BBK will provide mortgage financing to the customers of Era View Tower located in Al Hoora.
Era Projects, a Real-Estate Development company based in the Kingdom of Bahrain, offers residential projects in the Kingdom’s fast growing capital with an aim for modern and comfortable living. Under the terms of the agreement, customers of the Era View Tower who require funding in the form of mortgage loans will be advised to consider BBK being the end user funding partner.
Announcing the strategic partnership, Mr. Mohammed Malik, BBK’s Deputy Chief Executive, said: “In our continuous efforts to provide our customers with the best services and to facilitate the sale of the residential projects, we are pleased to enter into a strategic partnership with Era Projects that has been offering modern residential solutions which our customers can benefit from. In return, customers from all nationalities residing in the GCC who wish to own a property in Era View Tower will enjoy excellent interest rates and loan terms from BBK.
Mr. Abdulhussain Ghuloom, Era Projects’ CEO, said: “We are delighted to initiate this partnership with BBK which I believe, is a step towards a new era of convenience for our customers where the main goal is to combine our offers at the Era View Tower and the financial solutions provided by the bank. We hope that this partnership marks as a beginning to many more collaborations with the Bank.”
Customers who are interested to own a residential property in Era View Tower are welcome to apply for a mortgage loan with BBK.
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