Instructions for a "real estate purchase loan" to finance the purchase of a residential or commercial property (turnkey or on the structure)

The Commercial Bank of Syria grants a “real estate purchase loan” to finance the purchase of a residential or commercial property (turnkey or on the structure) according to the following:

• Only one payment partner can be accepted for the loan.

• Only one co-owner can be accepted for the loan.

• Financing percentage: 60% of the real estate appraisal as a maximum.

• Maximum loan amount: 100 million SYP.

• Loan Term : not to exceed 20 years.

• Loan interest of residential property: 10% for a maximum period of ten years.

11% for a maximum of fifteen years.

12% for a period of more than fifteen years.

• The interest of the loan for commercial real estate: 13%.

• Annual interest on the reducing balance of the loan

1. Payment in monthly installments by bank card or through branches.

2. The bank has the right to adjust the contractual interest rate on the loan in the event of a change in interest rates, as required by the bank’s interest and in line with prevailing norms in the Syrian market, provided that the customer is duly informed.

3. The first installment is due at the end of the month following the month of activating the loan.

4. The delay interest applicable at the bank shall be applied when any outstanding installment is not paid.

5. In case of delay in paying two consecutive installments, the administrative prosecution begins with communicating with and sending warnings to the customer, and the judicial and legal prosecution begins when the sixth installment is due.

6. It is possible to prepay one or more installments at any branch of the Commercial Bank of Syria.

7. Inquiries with the Central Bank of Syria about the classification of the customer's debts in the event that the requested loan exceeds the amount specified by the Central Bank of Syria to make the inquiry.

8. Not granting the dealers classified according to the Central Bank inquiry as a second or third class, whether at our bank or other banks.

9. The maximum age of the customer and the payment partner does not exceed 65 years at the end of the loan term.

10. If the customer wishes to liquidate the loan before its due date (in any branch of the commercial Bank), the contractual interest will be collected until the end of the contractual year in which the liquidation is taking place.

11. In the event that the customer who has been granted banking facilities wishes to obtain this loan from another branch, the approval of the manager of the first branch (facilities branch) is required, whereby the general mail of the loan request is referred to him to clarify in a note about the customer’s status with the granted facilities, and he should explicitly write in the footnote that there is no objection to accepting the customer’s request.

12. The borrower undertakes not to sell the property until after the remaining amount of the loan is paid and liquidated in full.

13. The borrower cannot obtain more than one loan to purchase a residential or commercial property until after the entire previous loan is repaid, whether the payment is at the end of its term or before that.

14. The joint signature -by the borrower and the payment partner- must be signed on the loan contract and jointly and severally liable on all movable and immovable funds between the borrower and the payment partner.

15. The mortgage contract must be jointly signed by the borrower and the co-owner.

16. It is prohibited to finance the purchase of real estate between the following categories 1- (spouses), 2- (parents and children).

17. The ownership of the property can be transferred between the borrower and any of: (husband or wife, son, daughter, father, mother, brother, sister, grandson, granddaughter, payment partner).

18. A co-owner can be accepted for any of the following categories: (husband or wife, son, daughter, father, mother, brother, sister, grandson, and granddaughter).

19. The loan is only accepted by purchasing the entire share of the real estate.

20. After the property is duly registered for the borrower, the property may not be occupied by third parties or leased to another person without the approval of the Bank.

21. The real estate registration period should not exceed two months, otherwise the loan application will be considered null.

• Any Syrian natural person and the like who belong to the following categories are entitled to borrow a loan exclusively:
• 1. A public sector employee who has been registered on the public payroll for a year, or currently registered, provided that he/she has been working in the public sector for at least one full year.
• 2. A private sector employee who has been registered with Social Insurance for a period of 5 continuous years (provided that it will be financed by a percentage not exceeding 50% of the real estate appraisal as a maximum).
• 3. Owners of establishments, events, small businesses and crafts who have a commercial, industrial, free professions or crafts registration for a period of not less than one year.
• 4. Holders of administrative licenses, provided that the following conditions are met:
  • It must be a permanent license (not linked temporarily to an investment).
  • Obtained the license for a period of not less than one year.
• 5. Professionals who have been affiliated with the Syndicate for a period of no less than a year.
• 6. Retirees.
• 7. Military Personnel

Credentials

•  The identity card of the borrower, the partner of payment /property, and the property owner.
•  Newly issued residence permit of the borrower and partner of payment /property (issued less than 3 months ago).
•  Non-conviction certificate of the borrower and partner of payment /property (required for persons who aren’t state employees).
•  A family registry for the borrower and co-owner
•  

Income statement of the borrower and the payment partner if he/she is :

• A public sector employee:

• A stamped salary statement that includes the date of employment commencement indicating that the customer is a permanent employee.
• A pledge signed and sealed by the management accountant or the financial officer of the entity whrerein he/she works at, under which the accountant pledges himself/herself that in the event of failure of the customer who works in his/her organization to pay any installment, deducting from the customer’s salary and transferring it to the bank at the request of the bank. He ,the management accountant,  also undertakes that if the customer changed his workplace to any other entity, he/she would inform the bank and the management accountant or the financial officer of the new entity about the obligations ,and undertaking to deduct the installment from the salary and pay it at the request of the bank.

• A private sector employee:

• Registered in the Social Insurance for a period of no less than five consecutive years
• A monthly salary statement from the private company in which he/she works at, including the date of employment commencement.
• A salary statement from the Social Insurance that includes the date of registration accompanied by the insurance salary.
• A pledge signed and sealed by the management accountant or the financial officer of the entity wherein he/she works at, under which the accountant pledges himself/herself that in the event of failure of the customer who works in his/her organization to pay any installment, deducting from the customer’s salary and transferring it to the bank at the request of the bank
• The borrower undertakes upon requesting the loan that if he/she will change their workplace to another entity, he/she is obligated to submit a pledge signed and stamped by the financial officer of the entity to which he/she is moved to, similar to the pledge mentioned in the previous item.

The Military personnel: newly issued salary statement (issued less than a month ago)

The Retirees :  salary statement(issued less than a month ago)