Home Loan for Under Constructions Properties
Under Construction Housing Loan is a product for Qataris who are seeking to finance building their own home
Features & Benefits
- Available for Qatari Customers
- Finance up to 100% of the construction cost ( Subject that the amount will not exceed 70% of the land value)
- Competitive interest rates
- Flexible monthly repayments
- Plans for self-employed customers
- Life guard insurance on reducing balance- Monthly
- Property insurance on valuation price (Building value) – Yearly
Eligibility Criteria
| Eligibility Criteria | Qataris | Expats |
|---|---|---|
| Maximum Loan Amount – QAR | 5,000,000 | 4,000,000 |
| Maximum Loan Tenure – Years | 30 | 25 |
| Maximum Age at Maturity – Years | 75 | 65 |
| Maximum Finance Amount (from the forces sales value ) |
80% | 75% |
| Maximum DSR ( Debt Service Ratio) | 75% from ( Basic + Social allowance ) | 50% from total gross salary |
Documents required for salaried customers
- Salary certificate addressed to Doha Bank
- 6 months bank statement if salary is being transferred from another bank
- Liability letter addressed to Doha Bank if loan is being transferred from another bank
- Copy of title deed and map
- Copy of ID
- Signed and completed application form
- Construction contract and construction schedule
- Construction company profile
Documents required for self-employed customers
- Copy of ID
- Audited financial statement for last 2 years
- Liability letter addressed to Doha Bank if loan is being transferred from another bank
- Copy of commercial registration
- 12 months business statement if account is held by another bank
- 6 months personal bank statement if account with another bank
- Signed and completed application form
- Construction contract and construction schedule along with construction company profile
Interest Calculation (APR):
- Commencing from the Loan Date, interest shall accrue on the Loan on a daily basis at the relevant Interest Rate and will be capitalized to the Loan Amount at the end of each month.
- Interest will be calculated as per following formulae. The Daily Balance of the Loan X Total Annual Rate X (1/360)
- Every payment made after the due date will result in additional interest accrual on loan
- Where a Grace Period applies or where the Customer is granted a postponement in respect of an installment, interest on the relevant Loan shall continue to accrue and will be capitalized to the Loan Amount at the end of each relevant month.
