Real estate credit – Al Baraka Bank of Algeria has just launched new products to facilitate access to real estate financing.
This initiative is part of the State’s support programs for housing projects.
Indeed, Saïd Karim, head of Retail Banking, explained in a statement to Al-Nahar television that this new product consists of providing financing in the field of housing.
This applies to all housing benefiting from direct state support and aid, provided that their value does not exceed 12 million Algerian dinars.
Real estate loan: 2 financing offers
The same spokesperson added that Al Baraka can provide financing with reduced margin rates varying between 1% and 3% depending on the client’s income.
Indeed, to benefit from a rate of 1%, customers must have an income of at least 40 thousand Algerian dinars, and up to 120 thousand Algerian dinars.
Knowing that this product only concerns customers who have not yet benefited from reduced rates with other banks.
It should be noted that the repayment period can extend up to 25 years. And the age limit is set at 70 years and coverage of up to 90% of the property.
The 3% rate concerns individuals who have an income greater than 120,000 Algerian dinars, and which can reach 240,000 Algerian dinars, according to the same official.
Indeed, this product concerns real estate developments, with maximum financing of two million dinars. This financing does not require insurance or mortgage unlike other loans which makes it more accessible.
This loan allows owners to carry out renovations in the event of poor workmanship, particularly those of AADL type housing.
In addition, Al Baraka offers additional financing for the purchase of household appliances from partners such as: Samsung, Condor, Iris and Sinova.
The total financing can reach 3 million dinars, with the addition of this amount for household appliances. As for the development, the reimbursement extends over 5 years and the coverage is complete.
Finally, to find out more about these new real estate financing solutions, Al Baraka invites interested customers to contact its agencies.
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