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FAQ >> Mortgage

What is a Mortgage ?
A mortgage is a loan in which the borrower puts up the title of the property documents as a security (collateral) with the Bank. If the borrower doesn't pay back the debt on time, the lending Bank can foreclose on the property and have it liquidated to pay off the loan.



Who are your mortgage providers ?
Durrat Al Bahrain offers a wide range of Property Mortgage financing (Islamic & Conventional) through some of main local and regional leading providers for both GCC nationals and non-nationals, typically starting at LTV of 70% over a 25 year period.
Banks including: Kuwait Finance House (KFH), Bank of Bahrain & Kuwait (BBK), AlBaraka, Ahli United Bank (AUB), Bahrain Islamic Bank (BISB), Bahraini Saudi Bank (BSB), Al Salam Bank, HSBC Bank, Bank Muscat International (BMI), Bahrain Cerdit, Sakana Housing Sulotions



What documents do I need to provide in order to register my mortgage ?
Standard documents shall be provided to complete the purchase of the Villa, including:

• Copy passports of owners of property along with originals for verification.
• Copy Loan Approval letter from Bank / mortgage provider.
• If the owner is a Company, the company CR is required / Trade Licence,
• mortgage registration fee.
• Copy Agreement vetted by the selected Bank / mortgage provider.
• Application Form for Registration of Mortgage




Do I need insurance for my Mortgage ?
Most lenders (banks) will require some form of protection for the loan. since the property shall be paid off in the event of your death or diagnose of a serious/terminal illness. Banks on the hole do not like repossessing property and would prefer the loan to be repaid from an insurance policy should a serious event occur.



Can I transfer my Villa if it is mortgaged ?
The Purchaser will have to present a “clearance letter” from the Bank/ mortgage provider regarding settlement of all dues towards the procured property/ villa to commence the transfer



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