Are you Algerian and living abroad? Do you dream of buying a home in Algeria for your vacations or as an investment?
With the real estate loan for non-resident Algerians, it's possible!
Eligibility Conditions
The eligibility conditions are simple:
- Be of Algerian nationality;
- Have legal capacity;
- Have a borrowing capacity assessed at 50% of the income earned abroad, converted into the national currency.
Financing Conditions
Loan Amount:
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- The real estate loan can cover up to 90% of the price of the property being financed;
- The loan amount is calculated based on the applicant's income, with a deduction ranging from 30% to a maximum of 55%;
- To increase the loan amount, the bank may accept a joint guarantee from the spouse or a single direct relative (Father, Mother, Brother, Sister, Son, or Daughter), who must reside in Algeria.
Personal Contribution: The self-financing portion must be at least 10% of the price of the property being financed.
Repayment Period: The loan term can extend up to 40 years and is determined based on the applicant's age, with a maximum age limit of 75 years.
Management Fees: 10,000 DZD inclusive of tax (refer to current general bank conditions).
File Study Fees: 10,000 DZD inclusive of tax (refer to current general bank conditions).
Interest Rate: The interest rate is variable and set according to the general bank conditions in force.
Deferment Period: The deferment period is 6 months.
Nature of Guarantees: The guarantees to be obtained are:
- A first-rank notarized mortgage on the property being financed, in favour of the bank;
- Death and Absolute & Permanent Disability Insurance (DDI) in favour of the bank;
- Home insurance with a clause in favour of the bank;
- Delegation of Natural Disaster (CATNAT) insurance;
- An act of joint guarantee, in the case where the income of the spouse and/or a direct relative is taken into account in the calculation of the borrower's repayment capacity.
File composition
- Certified copy of the published and registered notarized sale agreement (promise to sell), or alternatively, the information sheet provided for by regulations;
- Certificate of no mortgage registration;
- Copy of the property deed;
- Existence, assessment, and expertise report of the property issued by a consulting office approved by the bank;
- Family civil status record and a photocopy of an official identity card;
- Certificate of residence (to justify the applicant's address in Algeria);
- Loan application form (to be completed at the branch);
- Documents required for authentication by the Algerian consulate abroad are:
- Proof of residence abroad;
- Permanent employment contract, supported by the last three pay slips for salaried employees;
- Proof of professional activity supported by tax and social security contribution certificates for self-employed individuals.