The Joint Collateral Scheme, launched by Eskan Bank back in 2014, enables citizens who would benefit from Social Housing Finance to get funding from a participating financing bank against the same collateral through a joint mortgage between Eskan Bank and the financing bank.
The programme includes options to accommodate the diverse needs of social housing applicants, which are studied on a case-by-case basis, with options to purchase a home, purchase land, construct on land already owned by the applicant, exchange property or refinancing by another bank. It also covers settling commercial financing payments due to Eskan Bank, in collaboration with the financing banks (Islamic/conventional) participating in this scheme.
Benefits of the Joint Collateral Scheme:
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Streamlined procedures with the participating bank and Eskan Bank, allowing the customer to obtain additional financing using the same collateral
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Possibility to exchange property
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Flexible to accommodate different cases and circumstances
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Many options for additional housing finance, with the ability to benefit from the best rates offered by participating banks
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Choice of Islamic or conventional financing as per the beneficiaries’ preference
Islamic and conventional commercial banks participating in the Joint Collateral Scheme with Eskan Bank are:
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Bahrain Islamic Bank
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Al Salam Bank
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Al Baraka Islamic Bank
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Kuwait Finance House
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National Bank of Bahrain
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Ahli United Bank
Banks currently participating in financing land purchases:
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Al Salam Bank
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Al Baraka Islamic Bank
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National Bank of Bahrain
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Ahli United Bank
Application Process:
For new beneficiaries of Tas’heel financing (social housing financing) and commercial financing
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Beneficiary to submit application to Eskan Bank and the financing bank
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Eskan Bank to issue an official letter to the financing bank regarding housing finance that includes the value and due instalments
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Beneficiary must meet the financing bank’s criteria under this scheme to become eligible
For previously served beneficiaries of Social Housing Finance:
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Beneficiary to submit application to Eskan Bank and the financing bank using designated forms, with previous financing documents enclosed
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Eskan Bank to issue an official letter to the financing bank regarding the beneficiary’s current Social Housing Finance that includes the beneficiary’s outstanding amount due to Eskan Bank
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Beneficiary must meet the financing bank’s criteria under this scheme to become eligible
For beneficiaries of commercial financing for the purchase of land and then applying for Social Housing Finance for construction:
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Beneficiary to submit application to Ministry of Housing & Urban Planning using designated forms
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A ‘No Objection Letter’ issued by the financing bank and an indication of the bank’s desire to participate with Eskan Bank in the Joint Collateral Scheme and to benefit from housing finance to build the land
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Beneficiary must meet the financing bank’s criteria under this scheme to become eligible
In all cases, Eskan Bank retains the property title deed throughout the debt period and until debts are cleared.
Terms and Conditions apply.