IJARA Mountahia bi Tamlik
What is it ?
It is an agreement by which the Bank (the Lessor) transfers to its client (the Lessee) the enjoyment of real estate for an agreed period, in return for rents, and accompanied by a procedure for the transfer of ownership at the end of the rental period.
Population concerned:
Funding amount:
Associated products :
Funded projects:
Profit margin:
The profit margin to be applied in the context of Ijara mountahiya bitamlik real estate financing for individuals is:
Funding period :
FAQ
The Ijara Mountahia Bittamlik to individuals is an agreement by which the Bank (here called Lessor) transfers to his customer (Lessee) the enjoyment of real estate for an agreed period, in return for rents, and accompanied by a transfer procedure of ownership at the end of the rental period.
Acquisition of new residential property from a developer, or old property (from an individual).
The applicant for Ijara real estate must meet the following eligibility conditions :
1. of Algerian nationality;
2. Being resident or not in Algeria;
3. Be of legal majority and have legal capacity on the date of the funding request;
4. Be at most 65 years old,
5. Justify a stable income, equal to at least one and a half times (1.5) the SNMG. This income can be increased by additional income weighted up to 50%;
6. For non-residents, provide proof of a stable monthly income authenticated by the Algerian Embassy or Consulate in the country of residence, in foreign currency, equivalent to two thousand (2,000) Euros, at least;
7. Deposit Hamich Djediya (a security deposit) of at least 10% of the property price;
1. of Algerian nationality;
2. Being resident or not in Algeria;
3. Be of legal majority and have legal capacity on the date of the funding request;
4. Be at most 65 years old,
5. Justify a stable income, equal to at least one and a half times (1.5) the SNMG. This income can be increased by additional income weighted up to 50%;
6. For non-residents, provide proof of a stable monthly income authenticated by the Algerian Embassy or Consulate in the country of residence, in foreign currency, equivalent to two thousand (2,000) Euros, at least;
7. Deposit Hamich Djediya (a security deposit) of at least 10% of the property price;
The maximum amount of Ijara financing is 65,000,000 DZD, it is determined according to:
1. The monthly indebtedness capacity of the customer and the co-debtor (co-tenant) or the guarantor;
2. The selling price of the accommodation;
3. From the age of the client, and in the case of the existence of a roommate or surety, the most advanced age is taken.
1. The monthly indebtedness capacity of the customer and the co-debtor (co-tenant) or the guarantor;
2. The selling price of the accommodation;
3. From the age of the client, and in the case of the existence of a roommate or surety, the most advanced age is taken.
The maximum level of rent is set according to the cumulative income of the customer (lessee) and his possible co-tenant, according to the scenarios listed below:
1. 1. 30% of the cumulative monthly income, if the latter is less than 3 times the SNMG;
2. 2. 45% of the cumulative monthly income, if the latter is equal to or greater than 3 times the SNMG and less than 6 times the SNMG;
3. . 50% of the cumulative monthly income, if the latter is equal to or greater than 6 times the SNMG.
1. 1. 30% of the cumulative monthly income, if the latter is less than 3 times the SNMG;
2. 2. 45% of the cumulative monthly income, if the latter is equal to or greater than 3 times the SNMG and less than 6 times the SNMG;
3. . 50% of the cumulative monthly income, if the latter is equal to or greater than 6 times the SNMG.
1. Profit rate: 5.75% (saving client), 6.25% (non-saving client)
2. Maximum amount: 65,000,000 Da
3. File management fees: 0.00 DA
4. Notification fees: 0.00 DA
5. . Penalty on advance payment: 0.00 DA (Possibility of discount on the remaining profit in the case of total paymen)
2. Maximum amount: 65,000,000 Da
3. File management fees: 0.00 DA
4. Notification fees: 0.00 DA
5. . Penalty on advance payment: 0.00 DA (Possibility of discount on the remaining profit in the case of total paymen)
The rental period varies between 05 and 25 years.