In a much-anticipated move, Banque de l’Habitat is set to resume offering housing loans this month, providing a significant boost to the Lebanese real estate market.
This initiative, confirmed by the bank’s general manager Antoine Habib, comes as a relief to many aspiring homeowners in Lebanon.
Benefiting from a $165 million loan from the Arab Fund for Economic and Social Development, the bank will start accepting online applications in June. Applicants must meet specific criteria to qualify for a housing loan:
Nationality: Applicants must be Lebanese citizens.
Property Size: The apartment must not exceed 150 square meters.
Previous Loans: Applicants should not have previously benefited from a subsidized loan.
Home Ownership: Applicants must not own another house in Lebanon.
Income Range: Family income should be between $1200 and $2000, targeting low to middle-income groups.
Down Payment: Applicants need to provide at least 20% of the apartment’s price as a down payment.
The loan amounts will vary from $40,000 to $50,000, with a repayment period of 20 years at an interest rate of 6%. This will result in monthly payments ranging from $300 to $350.
As the bank finalizes its preparations and the website comes back online after undergoing maintenance, eligible applicants are encouraged to prepare their documents and take advantage of this opportunity to secure affordable housing.
