Conditions for granting funding
- The
financing should be on the basis of Murabaḥa, Ijara and other products in
line with Islamic Banking rules.
- The
finance applicant should be an active employee of the Jordanian Armed Forces
or Security Agencies.
-
The
housing finance applicant should not own a house or an apartment at time of
submitting the application.
- The
applicant's service duration at the Jordanian Armed Forces or Security Agencies
should not be less than four years for personal finance and five years for residential financing.
- The
sum of the monthly finance installment shouldn't be more than (45%) of the
monthly salary for Officers in case of personal finance, or (30%) in case of
housing finance. Non-commissioned officers, individuals and civil employees, the
monthly installment shouldn't be more than (30%) of the monthly salary for
personal and housing finances, taking into account third party liabilities, if exist.
- The
Housing financing amount shouldn't exceed 70% of the estimated value to the
real-estate that the financing is granted for, noting that, the applicant
should deposit not less than 30% of the estimated value to the real-estate in
his account with the Fund.
- Not
to finance vehicles and real-estate from first degree relatives (father,
mother, son, husband, brother, or sister).
- In case of
re-financing a vehicle that has been financed earlier through the fund, then at
least one year should laps between the two finance transactions.
- Not
to finance, purchase or mortgage shares of a real-estate. Financing deals and /
or mortgaging of such properties, shall be executed on wholly-owned apartments
and real-estate with independent deed of ownership with the full shares of
real-estate.
- When
financing building materials for building a house, the financing amount shall
be paid on three installments. Beyond the initial payment, certified surveyor report
should be received prior to the issuance of subsequent finance payments. In
addition, constructions license or work permit shall be submitted before paying
the third and last finance payment.