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.