Home Finance you can trust
The purchase of a property is probably the largest and most important investment you'll make. But how can you finance your dream home while still ensuring you are true to your Islamic-values?
Al Yusr Home Finance has been approved by a panel of respected scholars. It is based on the well-known Shari'a concept of Diminishing Musharakah (Musharakah Al Mutanaqisa) – a form of partnership in which one partner (the customer) promises to buy the equity share of the other partner (Al Yusr) gradually. Eventually the title to the equity is completely transferred to the customer. It is home finance you can really trust.
How does it work in?
You will form partnership with Al Yusr and we will appoint you as our agent (wakeel) to identify and purchase the property on our behalf. We will provide the larger share of the equity – for example 80% of the purchase price. You will provide the remaining 20%.
Once the property has been purchased, we will lease the property for you to use, against periodic instalments. Our equity in the property will be gradually purchased by you over the financing period and at the end of the term of contract, you will own the property completely.
Al Yusr Home Finance will be offered for all categories: including ready property, property to be built, property renovation and extensions and transfer of existing finance/loans to Al Yusr Home Finance.
- Features and Benefits
- No maximum financing cap*
- Financing up to 80% of the property value
- Maximum finance amount as follow:
|Working Sector ||Omani ||Expatriate |
|1. Gov, Semi Gov, Quasi Gov, Group A and B ||RO 500,000 ||RO 300,000 |
|2. Group C and Pensioners ||RO 150,000 ||RO 100,000 |
- Minimum finance amount is RO 10,000
- Maximum finance tenor up to 25 years
- Minimum finance tenor in 1 year
- Finance available for ready property, property to be built, property renovation or extension
- Balance transfer facility from existing home finance/loans from other banks
- Available to salaried customers
- Attractive pricing
- Available for any nationality**
- Transparent and fast processing
- Grace repayment period* applicable to properties to be built (under construction) for a period up to 18 months
*Terms and conditions apply
**Expatriate residents will be granted the financing in the designated Integrated Tourism and Residential Complexes (ITCs)
- Minimum age of 21 years at the time of application
- Maximum age of 60 years at the end of facility
Income (Salary) Requirement
- Monthly salary requirement – RO 500 (minimum) for Government, Semi Government, leading private sector (A grade companies) employees and pensioners.
- RO 600 (minimum) for employees of B grade companies.
- RO 700 (minimum) for employees of C grade companies
- Monthly salary requirement – RO 1,500 (minimum) for Government, Semi Government, leading private sector (A & B grade companies) employees.
- RO 2,000 (minimum) for employees of C grade companies.
- Copy of valid ID / Passport (Omani)
- Copy of valid passport with valid Visa and copy of a valid Resident Card (Expatriates)
- Address proof (copy of utility bill)
- Information Discloser Form
- Valuation report from the approved valuation companies
- Certificate of outstanding loan / finance (for balance transfer)
- Last six month’s bank statement
- Life Takaful / Insurance
- Property Takaful / Insurance
- Copy of title deed / Mulkiya / Krooki / Building completion certificate / any other relevant property related documents
- Construction contract with the developer / constructor (for property to be built, renovation or extension of the property)
- For Salaried customers:
- Original salary certificate from the employer addressed to Al Yusr, Oman Arab Bank
- Salary transfer letter from employer to Al Yusr, Oman Arab bank
- Undertaking from the employer to transfer the "End of Services Benefits" to the salary account maintained with Al Yusr, Oman Arab Bank