Turn equity into cash, with the Cedrus Bank Mortgage Loan.
The personal loan is taken against the mortgage of property, offering
clients advance cash payments, to cover personal financial necessities.
Loan Characteristics
- Currency: USD
- Minimum Amount: $50,000
- Maximum Amount: $150,000
- Repayment Period: Minimum 1 Year | Maximum 10 Years
- File Fees: 1% of loan amount, Maximum $1000
- Applicant's Age: 21 to 64 years at loan maturity
- Property Mortgage: in favor of Cedrus Bank
- Salary transfer: might be required on a case-by-case basis
- Life and Fire insurance coverage
- Interest Rate: Regressive - Variable Interest Rates for loans in USD - to be reviewed every year: Currently 13.38%
Eligibility Requirements
Client Requirements:
- Applicant should be Lebanese
Work Requirements:
- Employee:
- Minimum income: USD 2,000 or Eq. in LBP
- Minimum years of experience in the same field: 2 Years
- Self Employed:
- Minimum Income:USD 2,500 or Eq. in LBP
- Minimum Years of experience in the same field: 2 Years
Required Documents:
Personal Documents:
- Copy of ID or copy of valid passport
- Proof of residence (mayor certificate or latest utility bill showing the address)
Proof of Income:
- Employee:
- Certified employment certificate
- Statement of account showing salary credit for the last 6 months
- 3 recent consecutive pay slips
- Self-Employed:
- Valid Syndicate membership &/or practicing certificate if applicable
- Statement of account for the last 2 years
- Company legal documents (commercial circular, commercial register, etc)
- Copy of title deed or rental contract for work place
- Property Documents:
- 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 with a date not exceeding one month
- Copy of rules of co-proprietors
- Zoning and Planning certificate
Guarantees
- Life Insurance covering 110% of the loan amount
- Property insurance for the plot subject of the loan
- First degree mortgage for 125% of loan amount to the favor of the bank
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.