Arab Bank Launches New Housing Loan Campaign with 6.35% Interest Rate

Strategic Insights -

Arab Bank, a major financial institution in the region, has announced the launch of a new housing loan campaign that offers customers an exclusive opportunity to obtain home financing at a highly competitive interest rate of 6.35% for a limited time. This campaign is part of the bank's ongoing efforts to provide flexible financing solutions and broader options that meet the diverse needs of its customers. The bank also provides preliminary approval for housing loans instantly through its "Baeti" service, available via the "Arabi Mobile" application.

Key Takeaways:

  • Arab Bank's new housing loan campaign offers a 6.35% interest rate for a limited time, making it an attractive option for customers seeking home financing at a lower cost.
  • The campaign features exemption from granting commission, appraisal fees, and mortgage fees, providing customers with additional savings.
  • The bank provides financing of up to 100% of the property value at a preferential interest rate of 6.99%, allowing customers to choose between the two campaigns based on their needs and financial capabilities.
  • Arab Bank customers can enjoy preliminary approval for housing loans instantly through the "Baeti" service, available via the "Arabi Mobile" application, streamlining the loan application process.
  • The "Baeti" service offers smart tools to assist customers in searching for properties online, conducting financial planning, and calculating loan amounts based on their financial capabilities and pre-set criteria.
  • Arab Bank provides a range of comprehensive financing solutions, including housing, personal, and auto loans with competitive features, flexible installment periods, and preferential interest rates.
  • The bank's ongoing efforts to provide flexible financing solutions and broader options are designed to meet the diverse needs of its customers, including Jordanian expatriates.
  • Mr. Yacoub Matouk, Head of Consumer Banking at Arab Bank -- Jordan, emphasizes that the bank is committed to providing its customers with competitive offers and flexible financing solutions that meet their needs and aspirations.

Statistics:

  • Interest rate: 6.35%
  • Exemption from granting commission: yes
  • Exemption from appraisal fees: yes
  • Exemption from mortgage fees: yes
  • Financings of up to 100% of the property value: yes
  • Preferential interest rate: 6.99%
  • Loan processing fee: exempt
  • Appraisal and mortgage fees: covered
  • Number of customers benefitting from the "Baeti" service: Not specified
  • Properties available online through the "Baeti" service: Not specified

Sources:

  • Arab Bank Original Press Release dated September 9
  • Contify.com - a market intelligence firm providing business news and insights.