Rental Income Loans
Rental loans is one of the unique product which is designed by Doha Bank to the Qatari customers who are interested to avail a loan facility against the rental they received from their rented properties.
The rental loan allowed you to convert your rental cheques into cash which can be useful to finance your major expenses or any investments
Features
- Its offered to salaried and non-salaried Qatari customers
- Competitive interest rates
- Flexible monthly repayments
- Life guard insurance on reducing balance- Monthly
Eligibility Criteria / Salary Transfer Customer
| Eligibility Criteria / Salary Transfer Customer | |
|---|---|
| Employments | Approved list of company ( As per Doha Bank approval list) |
| Premises | Rented at least 3 months back with valid rent contract either for government, companies, or individuals |
| Age | 65 years and less |
| Maximum loan amount | Up to 50% from the rental monthly income (but not to exceed QR 2,500,000) |
| Grace Period | Up to 3 months |
| Insurance | Life insurance will be insured for the value of the loan at a competitive rate through Sharq Insurance |
| Maximum Loan Tenure | Maximum tenure of 60 months on top of the grace period |
Eligibility Criteria / Non Salary Transfer Customer
| Eligibility Criteria / Non Salary Transfer Customer | |
|---|---|
| Employments | Approved list of company ( As per Doha Bank approval list) |
| Premises | Rented at least 6 months back with valid rent contract either for government, companies, or individuals |
| Age | 65 years and less |
| Maximum loan amount | Up to 30% from the rental monthly income ( but not to exceed QR 2,500,000) |
| Grace Period | Up to 3 months |
| Insurance | Life insurance will be insured for the value of the loan at a competitive rate through Sharq Insurance |
| Maximum Loan Tenure | Maximum tenure of 60 months on top of the grace period |
Documents required for salaried and non-salaried customers
- ID copy
- Salary certificate addressed to Doha Bank
- 3 months personal bank statement if account with another bank ( rental income should be shown in the statement)
- Property title deed ( should be register in the customer name)
- Copy of title deed , map
- Original valid rent contract either for government, companies, or individuals
- Signed and completed application form
- Undertaking letter
- Security cheques
- All rent receivable cheques to be lodged with the Bank
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.
