Cedrus Housing Loan

Cedrus Bank offers individuals and households, whether Lebanese residents or non-residents a tailored housing loan to purchase their primary or their secondary residence.

Loan Characteristics 

• Currency: USD
• Maximum Amount: USD 1 Million and can be higher on case by case basis
• Repayment Period: Minimum 5 Years | Maximum 25 Years
• File Fees: 0.5% of loan amount, maximum USD 2000
• Financing Ratio: 75% of apartment value
• Minimum down payment: 25% for residents and 35% for non-residents
• Maximum Monthly Payment: 35% of the income
• Applicant's Age: 21 to 64 years at loan maturity
• Interest Rate: Regressive - Variable Interest rate applied is: Beirut Reference Rate (BRR) + 1% with a minimum of 9% - Interest Rates to be reviewed on anniversary - Currently: 9%
• Registration, mortgage and stamp fees are applied
• Life and fire Insurance are applicable
• Real estate expert fees: USD150

Eligibility Requirements

Client Requirements:

• Applicant can be a Lebanese resident or a Lebanese non-resident
• Loans are offered to purchase a primary or secondary residence
• Clients can buy a villa, apartment or chalet provided a clean title deed is in place
• The apartment should not be owned by any of the applicant’s parents or siblings

Work Requirements:

• Employee:
  • Minimum income: USD 2,000 or Eq. in LBP (individuals or households)
  • Minimum years of experience in the same company: 2 Years
• Self Employed:
  • Minimum Income:USD 3,000 or Eq. in LBP
  • Minimum Years of experience: 3 Years

Required Documents:

Personal Documents:

• Copy of ID or copy of valid passport
• Judicial record
• Proof of residence (mayor certificate)
• Residence permit for non-Lebanese residents
• Utility bills or rental agreement
• Real estate documents
• Same documents will apply for Co-borrowers (spouse or fiancée)

Proof of Income:

• Employee:
  • Certified employment certificate
  • Statement of account showing salary credit for the last 2 years
  • Proof of bonus if any (statement of account for the past years or pay slips showing the bonus for the past years)
  • Copy of checks, if salary is provided by checks
  • Copy of the employment contract

     

• Self-Employed:
  • Valid Syndicate membership &/or practicing certificate if applicable
  • Statement of account for the last 3 years
  • Company legal documents (commercial circular, commercial register, etc)
  • Copy of title deed or rental contract for work place
  • Tax declaration if applicable
  • Authenticated financial statement for the past 3 years

Property Documents:

• Proof of down payment
• Sale agreement or promise of sale agreement along with a copy of the identity card of the seller
• For the plot subject of the loan:
  • Copy of the title deed of the residence subject of the loan
  • Original Real estate certificate
  • Original real estate certificate of the common sections 1&3 not exceeding one month
  • Copy of rules of co-proprietors
  • Original Allotment Plan
  • Zoning and Planning certificate
  • Property internal regulations
  • Copy of the benefit plan and easement of the alignment plan (1-month-old maximum)
  • Copy of the habitation permit

Guarantees

• Life insurance
• Property insurance
• First degree mortgage on the plot

Cedrus Bank reserves the right to review/amend the conditions and terms specified in this proposal at its discretion and without prior notification. Terms & conditions apply.