Home Loan for Freehold Properties
Free Hold Housing Loan is a product available to Qataris and Expatriates who are seeking to finance the purchase of a house in 3 designated areas defined by the Government (such as The Pearl, West Bay Lagoon, Lusail), wherein the customer will be entitled for a title deed on the property
Features & Benefits
- Available for Qatari and Expatriate
- 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 | |
|---|---|
| Maximum loan amount | QR 5,000,000 for Qataris, QR 4,000,000 for Expatriates |
| Maximum loan tenure | 20 years |
| Minimum monthly income | QR 15,000 |
| Maximum age | 70 years for Qataris & 65 years for Expatriates at maturity of the loan |
| Finance amount up to | 70% |
| Customer contribution | 30% (Down payment) |
Documents required for salaried customers
- Salary certificate addressed to Doha Bank
- Passport copy for expatriates
- 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 sale purchase Agreement (SPA) for 1st owner in case of resale
- Copy of ID
- Notice of assignment only from Land/ UDC/ Sabban
- Developer’s quotation or copy of title deed & map if applicable
- Signed and completed application form
- Down payment receipt
- Preliminary agreement between seller & buyer
- Security cheques (for expatriates)
- Acknowledgement after pre-approval in case of resale
Documents required for self-employed customers
- Copy of ID, passport copy for expatriates
- 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
- Preliminary agreement between seller & buyer in case of resale
- Security cheques (for expatriates)
- Down payment receipt
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.
