Property Financing Program

You can now own your dream property through the Palestine Islamic Bank’s Property Financing Program as per the Islamic Sharia-compliant laws and regulations via Murabaha or Ijara at a maximum of USD $300,000 over a 25-year installment plan.

This Real Estate Financing Program covers only pre-finished and finished residential apartments, lands or shops, with financing up to USD $200,000 and a payment period of up to 15 years.

Terms

  • Personal sponsorship must be granted by the client's spouse. A first-degree relative's guarantee is necessary if the customer is single.
  • The down payment percentage must be no less than 15% of the land or property value.
  • The customer's salary must be transferred to the Bank from an approved employer.
  • The property must be registered within the Land Department (TAPU) and located within the Palestinian Authority areas (A) or (B).
  • The property is mortgaged in favor of the Bank and is appraised by the Bank's appraiser.
  • The client must issue and lease a Takaful life insurance policy and a real estate insurance policy for the benefit of the Bank.

In this form, the Property Financing Program covers residential apartments, lands, shops and other leasable properties. Payment is made in monthly installments in line with the income of the customer and ends with the transfer of ownership of the property from the Bank to the customer. The financing is up to USD $300,000 with a payment period of up to 25 years.

Terms

  • Personal sponsorship must be granted by the client's spouse. A first-degree relative's guarantee is obtained if the customer is single.
  • The down payment percentage must be no less than 15% of the land or property value.
  • The customer's salary must be transferred to the Bank from an approved employer.
  • The property must be located within the Palestinian Authority areas (A) or (B), tiered, and ready for housing or use.
  • The property must be registered in the Bank’s name with the official departments throughout the entire financing period.
  • A Takaful life insurance policy must be issued, as well as a real estate insurance policy and be leased for the benefit of the Bank.

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