AlRayan Bank Home Finance Campaign – 2024
Offer Details/Terms & Conditions
Campaign Period
• Valid from 24 July 2024
Till 31st December 2024
Main Target Segment
• Qatari and non-Qatari customers where primary source of income is salary
Minimum Salary Amount to qualify
• QAR 25,000 per month for Qataris
• QAR 35,000 per month for Non-Qataris
Minimum Finance Amount to Qualify• QAR 1,000,000
Maximum Finance amount
• QAR 10,000,000
Maximum Finance Tenure
• Up to 30 years for Qataris
• Up to 25 years for non-Qataris
• The above tenure includes grace period, if any
Offer Details
• Reducing Balance Profit Rate of 5.75% (for 1st two years)
Key Conditions
• Affordable Payment Solution: We will devise a payment plan that matches your monthly cash flow and looks like the house rent amount.
• Attractive Profit Rate:
o New Financing Deals: 5.75% for 1st two years
o Buy-out Financing Deals: It is 2% lower than their current rate, but not lower than 5%.
• Cashback Reward: Up to QAR 100,000 (2% of the finance amount capped at maximum QAR 100,000)
• Feasibility study Fee: NONE
• Refer & Reward: Successful referral Incentive up to 0.25% of the Finance amount
• For Premier Banking customers (Salary 35,000 QAR and above) assured cash back of 5% of the 1st salary transferred to the bank
• Access to AlRayan Bank Qatar Airways co-branded Visa Signature & Infinite credit cards with up to 50,000 bonus Avios points on joining and up to 1 AVIOS point for every 4 QAR spent on your credit card, Free Takaful Insurance, and many more
• Discounts on home furniture and appliances
• Financing to Value: 80%, Qatari & 75% Expats
Maximum Age at end of Tenure
• 70 years – Qatari, 60 years – expats
Grace period
• Up to 12 months – Qatari
• Up to 6 months - Expats
Income Sources Allowed
• Income must be from Salary
Salary Transfer
• Mandatory
End of Service benefits
• Mandatory to transfer to the bank for Non-Qataris (Residents) only
Takaful Life Insurance
• Mandatory to be paid by customer
• AlRayan Bank will provide Takaful Life Insurance through Group Insurance Policy issued by Damaan Islamic Insurance Company (Beema)
Early Settlement Charges for Home Finance• 1% of the outstanding finance amount
Cashback refund
• Customers are required to refund the entire cashback and profit discount amount if they move to another bank before 3 years of the date of financing deal opening
| AlRayan Bank Home Finance Campaign – 2024 Offer Details/Terms & Conditions |
|
|---|---|
Campaign Period |
• Valid from 24 July 2024 Till 31st December 2024 |
Main Target Segment |
• Qatari and non-Qatari customers where primary source of income is salary |
Minimum Salary Amount to qualify |
• QAR 25,000 per month for Qataris • QAR 35,000 per month for Non-Qataris |
Minimum Finance Amount to Qualify |
• QAR 1,000,000 |
Maximum Finance amount |
• QAR 10,000,000 |
Maximum Finance Tenure |
• Up to 30 years for Qataris • Up to 25 years for non-Qataris • The above tenure includes grace period, if any |
Offer Details |
• Reducing Balance Profit Rate of 5.75% (for 1st two years) |
Key Conditions |
• Affordable Payment Solution: We will devise a payment plan that matches your monthly cash flow and looks like the house rent amount. • Attractive Profit Rate: o New Financing Deals: 5.75% for 1st two years o Buy-out Financing Deals: It is 2% lower than their current rate, but not lower than 5%. • Cashback Reward: Up to QAR 100,000 (2% of the finance amount capped at maximum QAR 100,000)• Feasibility study Fee: NONE • Refer & Reward: Successful referral Incentive up to 0.25% of the Finance amount • For Premier Banking customers (Salary 35,000 QAR and above) assured cash back of 5% of the 1st salary transferred to the bank • Access to AlRayan Bank Qatar Airways co-branded Visa Signature & Infinite credit cards with up to 50,000 bonus Avios points on joining and up to 1 AVIOS point for every 4 QAR spent on your credit card, Free Takaful Insurance, and many more • Discounts on home furniture and appliances • Financing to Value: 80%, Qatari & 75% Expats |
Maximum Age at end of Tenure |
• 70 years – Qatari, 60 years – expats |
Grace period |
• Up to 12 months – Qatari • Up to 6 months - Expats |
Income Sources Allowed |
• Income must be from Salary |
Salary Transfer |
• Mandatory |
End of Service benefits |
• Mandatory to transfer to the bank for Non-Qataris (Residents) only |
| Takaful Life Insurance | • Mandatory to be paid by customer • AlRayan Bank will provide Takaful Life Insurance through Group Insurance Policy issued by Damaan Islamic Insurance Company (Beema) |
Early Settlement Charges for Home Finance |
• 1% of the outstanding finance amount |
| Cashback refund | • Customers are required to refund the entire cashback and profit discount amount if they move to another bank before 3 years of the date of financing deal opening |