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The Al Baraka bank of Algeria launched two new real estate financing products. Said Karim, head of Retail Banking at the institution, provided details of these offers in a statement to the newspaper The Watan this Sunday, October 27, 2024.
The first product concerns the acquisition of housing with direct support from the State. Housing prices must not exceed 12 million dinars. “The first product concerns the acquisition of housing, where the State intervenes directly with its support, and whose prices must not exceed 12 million dinars,” said Said Karim. He added that the bank offers subsidized margin rates of 1% to 3%, depending on the beneficiaries’ income, which can vary between one and up to six times the guaranteed minimum wage (SNMG).
This type of financing can extend over a period of 25 years, with an age limit of 70 years, covering up to 90% of the cost of housing. However, beneficiaries must not have already obtained subsidized rate financing from traditional banks.
The second product launched by Al Baraka is intended for real estate development. “Soft” real estate development, which can go up to 2 million dinars, without the beneficiary having to present any mortgage or take out insurance,” explained Said Karim. This financing allows, for example, owners of AADL type housing to carry out improvement work in the event of defects.
In addition to the 2 million dinars for the development, the bank also offers financing for the purchase of household appliances, in partnership with four major brands: Condor, Iris, Samsung and Sinova. “We can add a package to reach up to 3 million dinars,” he explained. For development work, coverage can go up to 100%, with a repayment period of five years.
These new products aim to meet the needs of citizens, particularly in the context of housing distribution, on the occasion of the 70th anniversary of the outbreak of the Revolution. “We invite customers to contact the bank’s various branches to inquire about these two products,” concluded Said Karim.
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