As the government continues to encourage foreign ownership property in Bahrain, residents are taking advantage of the ever so active real estate market in the country and investing in it. There are a number of properties for sale in Bahrain, and range from villas and apartments to studios and commercial units as well. And thanks to the high number of banks and financial institutions available, residents will easily be able to find the right bank with the right interest rate for their mortgage.
As an expat, you could find the requirements for getting a loan a little strict, but these rules are ever changing, mostly making the process somewhat easier on you, but you should check thoroughly with your bank before taking any steps.
There are a number of documents that are needed for you to start the bank loan process, and these include a valid passport and residence permit, salary certificate and proof of income, the sales agreement, as well as three months bank statements. The duration of the mortgage and the amount provided differs from each bank, but as a general rule, the loan will cover 80% of the property price, and is to be paid over 25 years.
Before signing any paperwork or agreeing to any terms, make sure you consult with a lawyer who has a background in commercial property law of Bahrain, as the rules and regulations should be explained to you in detail in order to ensure a smooth purchasing process.
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