Real estate – Algeria‘s Al Baraka Bank is launching two new products to facilitate access to real estate financing. Indeed, Saïd Karim, head of Retail Banking, presented these offers in a statement to El Watan “Financing, Al Baraka, AADL”.
First of all, the first product is aimed at buyers of housing whose price does not exceed 12 million dinars and benefits from direct support from the State. Al Baraka offers reduced margin rates, varying between 1% and 3%, depending on the client’s income, which must be between one and six times the SNMG. In addition, the repayment period can extend up to 25 years with an age limit set at 70 years and coverage of up to 90% of the property. This product is only aimed at customers who have not yet benefited from reduced rates with other banks.
Then, the second product concerns real estate developments, with maximum financing of 2 million dinars. Unlike other loans, this financing does not require a mortgage or insurance, making it more accessible. This loan allows owners, particularly those of AADL type housing, to carry out renovations in the event of poor workmanship. In addition, Al Baraka offers additional financing for the purchase of household appliances from partners such as Condor, Iris, Samsung, and Sinova.
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With the addition of this amount for household appliances, the total financing can reach 3 million dinars. As for the development, the coverage is complete, and the reimbursement extends over 5 years.
These two products aim to meet the housing needs of the population, particularly on the occasion of the 70th anniversary of the outbreak of the Revolution. Finally, Al Baraka invites interested customers to contact its agencies to find out more about these new real estate financing solutions.
“Funding, Al Baraka, AADL”
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