Are you Algerian and living abroad? Have you ever dreamed of buying a new or under-construction property in Algeria?
With Crédit Populaire d'Algérie, it's now possible!
Our real estate loan allows Algerians who are residents abroad to finance up to 90% of the purchase price of a new or under-construction property in Algeria.
Eligibility Conditions
The eligibility conditions are simple:
- Be of Algerian nationality;
- Have legal capacity;
- Have a borrowing capacity assessed on the basis of 50% of income earned abroad, converted into national currency.
Financing Conditions
Loan Amount:
- It can reach 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 to be granted, the bank may accept a joint guarantee from the spouse or one direct relative (Father, Mother, Brother, Sister, Son, or Daughter), who must reside in Algeria.
Personal Contribution:
- The self-financing portion must be equal to a minimum of 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 an age limit of 75 years.
- Interest Rate: The interest rate is variable and set by the prevailing general bank conditions.
- Deferment Period: The deferment period is:
- 6 months for the purchase of a completed new property;
- 18 months for the purchase of a property under construction.
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
- Allocation or assignment decision for a finished property, OR a notarized, registered and published off-plan sale contract, accompanied by the guarantee certificate issued by the Mutual Guarantee and Surety Fund for Property Development (FGCMPM) for an off-plan purchase (VSP) of a property under construction;
- 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.