Amman, Jordan

The Association of Banks in Jordan announced today, Wednesday, the launch of a major national initiative aimed at supporting Jordanian citizens by providing exclusive loans and financing for first-time buyers of ready residential apartments. This step is considered the largest of its kind within the Jordanian banking sector.

This announcement was made by the Chairman of the Board of Directors of the Association of Banks in Jordan, Bassem Khalil Al-Salem, during a press conference. He revealed the details of this initiative, its significance, and its positive impact on Jordanian society and economy.

Al-Salem emphasized that this initiative comes in response to the directives of His Majesty King Abdullah II Ibn Al Hussein, who always stresses the importance of supporting Jordanian citizens and improving their standard of living. He further explained that the initiative aligns with the objectives of the Economic Modernization Vision and with the Jordanian government’s orientations and recent stimulus measures aimed at boosting the national economy and supporting the housing sector. He noted that this step is part of the effective partnership between the Jordanian banking sector and all national efforts dedicated to achieving comprehensive and sustainable development.

Al-Salem pointed out that the initiative’s value amounts to 200 million Jordanian dinars, which the banks in Jordan will allocate through a credit product specifically designed for citizens who have not previously purchased residential apartments. This will provide an opportunity for a wide segment of Jordanians to own their own homes. He added that this initiative is part of the Association’s and its member banks’ commitment to supporting social stability and enhancing security for Jordanian citizens.

Al-Salem stated that the loans will be offered with flexible repayment terms of up to 25 years and a fixed interest rate of 4.99% during the first three years of the loan period, in support of citizens and to alleviate their financial burdens.

The Chairman spoke about the anticipated impact of the initiative on the national economy, highlighting that it will stimulate the housing sector and positively reflect on various economic sectors linked to the housing sector. He added that this will support comprehensive economic growth and lead to a more stable and prosperous future for the Jordanian community as a whole.

He expressed his gratitude and appreciation to the member banks that participated in this initiative and responded positively to its noble objectives. He confirmed that the banks will announce the details of this initiative through their official platforms to ensure that the information reaches all potential beneficiaries. He also thanked the attendees for their participation and support, expressing his aspiration for cooperation with all relevant parties to ensure the initiative’s success and achieve its goals, translating His Majesty King Abdullah II’s vision for building a better future for all Jordanians.

This initiative is considered an important addition to the series of initiatives launched by Jordanian banks in recent years, which contribute to supporting economic and social development. Previously, Jordanian banks launched several initiatives, such as the Jordanian Capital and Investment Fund, funds to support small and medium-sized enterprises, and support for the health and education sectors, in addition to various social programs that benefit different segments of Jordanian society.

For his part, the Director-General of the Association of Banks in Jordan, Dr. Maher Al-Mahrouq, outlined the details of the initiative. He explained that it aims to facilitate home ownership for first-time buyers of residential apartments.

Al-Mahrouq stated that the initiative includes offering a financing product with preferential benefits for first-time buyers of residential apartments. The loan includes a fixed interest rate of 4.99% during the first three years, granting citizens access to low-cost financing to help them achieve stability. The repayment period for this initiative extends up to 25 years, providing beneficiaries with significant flexibility in repayment and reducing financial burdens over the long term.

He highlighted that the initiative targets various segments of citizens, including employees in the public and quasi-public sectors, private companies, and self-employed individuals, enabling them to obtain loans of up to 150,000 Jordanian dinars with a financing ratio of up to 100%, ensuring full financing for beneficiaries under facilitated terms. The client’s monthly income ceiling has been set at 2,500 Jordanian dinars, enhancing accessibility for middle-income families.

Al-Mahrouq confirmed that the participating banks have allocated approximately 200 million Jordanian dinars to support this initiative, distributed in proportion to each bank’s share of the total assets of the participating banks, reflecting the banking sector’s commitment to supporting sustainable development and stimulating the national economy.

He added that the initiative includes several conditions to ensure fair access, including that the client must be purchasing an apartment for the first time and that the financial burden does not exceed 55% of their monthly income. Furthermore, clients are required to present a statement from the Department of Land and Survey proving that neither the client nor their spouse owns any residential apartments. The initiative excludes cases of transfer between first-degree relatives and excludes financing for spouses who already own a residential property. The loan provided under the initiative cannot be used to settle any existing debts on the client, and the financing is exclusively for ready residential apartments, excluding financing for building standalone units.

Regarding the terms and conditions of the banks, Al-Mahrouq explained that all submitted applications will be subject to the internal policies of the banks, which include a comprehensive review of the client’s financial record and ensuring no negative indicators, to ensure the reliability and repayment capability of clients. Clients are also required to provide documents proving their income sources and monthly salary statements. He noted that each participating bank in the program will announce the details of the initiative on its official website, ensuring that accurate and reliable information reaches the targeted clients.

Through these conditions, the Association of Banks seeks to direct financing to eligible groups and ensure the initiative’s effectiveness in supporting citizens and achieving its objectives of facilitating home ownership for Jordanian families.

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