Property Finance

Property Finance
Overview

Committed to fulfilling your every need with a range of property solutions, Property Finance from BisB helps you own the house, land or commercial property that you desire.

What are the special features of BisB's Property Finance?
  • Maximum Finance Amount: BD750,000 (Residential)
                                                        BD1,000,000 (Investments).
  • Down Payment: Mandatory
  • Processing Fees: 0.75% of finance amount
  • Maximum Tenor: Varies from 10 to 25 years based on the application.
  • Salary Transfer: Mandatory
What can I use BisB's Property Financing for?

The Property Finance product designed by BisB can be used to:

  • Finance ready properties for residential purposes.
  • Finance commercial properties.
  • Re-finance owned properties
What are the different contracts available to me?

Ijara with promise to own (for financing ready residential units):

  • In the Ijara contract, the Bank will purchase the subject property and will lease the property to the customer on monthly installments. Along with the lease agreement, the bank will give the customer a promise to transfer the ownership of the property once all Ijara installments are paid in full.

Ijara (for financing under construction properties):

  • The same conditions of the Ijara are applied except that at the time of signing the agreement the property is under construction.

Diminishing Musharaka (for financing commercial properties):

  • In the Musharaka transaction, the Bank will enter in a joint venture with the customer for purchasing the subject property. The ownership of each party will depend on its contribution in the total price. The customer will also sign a contract stating that he/she is willing to purchase the bank’s portion of the property and pay the agreed price on monthly basis. Along the payment of the Musharaka installments, the bank’s ownership will decline gradually until the property is fully owned by the customer.
Eligibility

Property Finance is available to Bahraini and non Bahraini nationals who are currently employed within any organization that is listed on BisB’s Approved List of Employers (ALE).

The general criteria of obtaining a Property Finance from BisB is detailed below:

  • Age of Applicant: Above 21 years at the time of application and less than 65 at maturity for males 60 females.
  • Minimum Monthly Income:  BD600 (Employed Bahraini Nationals).
                                                       BD1,000 (Employed Joint Bahraini Nationals).
                                                       BD800 (Employed Non-Bahraini Nationals).
                                                       BD1,500 (Employed Joint Non-Bahraini Nationals)
                                                       BD2,000 Average Deposit (Self Employed).
  • Minimum Work Experience: 1 year (Employed Bahraini and Non-Bahraini Nationals).
                                                         3 years (Self Employed).
  • Maximum DSR (Debit Service Ratio):  65% for salaries below BD4,000 and 70% for salaries above BD4,000.
  • Rent Income: 50% of monthly rent income for owned properties.
Required Documents

To apply for Property Finance, applicants must provide the following documents:

Employed:

If you are an employee of an organization or institution, you will require the following documents:

  • Two valid Identifications.
  • Latest 3 months Pay Slip.
  • Latest 3 months Bank Statement.
  • Latest Salary Certificate.
  • Contract of Employment (non Bahraini individuals).
  • Residence Permits (non Bahraini individuals).
  • Subject Property Title Deed.
  • The seller’s Passport copy and contact details.
Self-employed:

Individuals who are self employed will require to present the following documents:

  • Two valid Identifications.
  • The Commercial Registration (CR).
  • Latest 6 months Business Bank Statement.
  • Memorandum and Articles of Association.
  • Subject Property Title Deed.
  • The seller’s Passport copy and contact details.
  • Valid Lease Agreements (if any).
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