20/02/2018

Mortgages

Do you want to buy a new apartment ? build a new house ? Or renovate your existing one ?
Do you want to buy land? shop? or any other commercial property?

You don't have to go searching for loan offers and applying to banks and lenders anymore. With bestbankdeal.com it has never been easier.

Choose the type of loan you need.


HOUSING
 
A housing loan is granted for the primary reason of buying a residential property; apartment, villa, condominium or any other housing unit for the personal use of the applicant and his family. Housing  loans are usually long term (more than 10 years) and are guaranteed by real estate mortgage, property insurance, and life insurance. The interest rate charged is variable, meaning that it changes with the market on a yearly basis (example Libor + 3%; Libor is an international benchmark that is used. There are other benchmarks too such as Lebanese Treasury Bills, which is a local benchmark used only in Lebanon). This interest rate can be greatly reduced in subsidized loans that  are supported by government programs  to assist citizens in buying homes. Mortgage means that in case of default, the bank can legally sell the  property and settle the loan from the sale proceeds. Such properties that are offered for sale are called foreclosures.
 
 
RENOVATION
 
A renovation loan is granted for the primary reason of renovating a property. This could  mean doing improvements, large scale decorations, additions, alterations, maintenance, repair or replacement of structural parts that cost substantial amounts. Renovation loans can be long term and are usually secured by a real estate mortgage, property insurance, and life insurance.
 
 
BUILDING
 
A building loan is granted to an applicant who owns a piece of land on which he plans to construct his residential house. The loan is granted gradually based on the progress of works, and it is used to pay for building material, workers, engineers, refurbishing, and other costs associated with the construction process. Building loans are usually long term and are guaranteed by real estate mortgage, property insurance, and life insurance.
 
 
COMMERCIAL PROPERTY
 
A Commercial property loan is granted for the primary reason of buying a commercial property to be used by the applicant for his business. This property can be a shop, a clinic, a warehouse, an office, or any similar property. Commercial property loans are usually long term and are guaranteed by real estate mortgage, property insurance, and life insurance.
 
 
 
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