Amman - The Association of Banks in Jordan has announced a national initiative to provide exclusive loans for first-time buyers of ready-to-move apartments, marking the largest home financing program in Jordan’s banking sector.
اضافة اعلان
The initiative, valued at JD200 million ($282 million), aims to support Jordanians’ access to homeownership and stimulate the housing sector, aligning with Jordan’s broader economic modernization goals.
At a press conference, Chairman of the Association of Banks, Bassem Al-Salem, highlighted that this program is part of Jordan’s ongoing efforts to improve citizens' quality of life, in line with directives from King Abdullah II.
"This initiative is our response to His Majesty’s call to support Jordanians in achieving a stable and secure living environment," Al-Salem noted.
The initiative offers first-time buyers flexible financing options with repayment terms of up to 25 years and a fixed interest rate of 4.99% for the first three years.
By targeting individuals who have never owned a home, the program widens access to homeownership and is expected to spur activity across various related economic sectors.
The program is open to a broad range of citizens, including employees in both public and private sectors and freelancers.
Qualifying borrowers can access loans of up to JD150,000, with the possibility of 100% financing, making it feasible for middle-income families. Monthly income for eligibility is capped at JD2,500, further expanding reach to a wider base of Jordanian families.
Al-Salem emphasized that Jordan’s banking sector is dedicated to advancing sustainable development, with each participating bank contributing based on its total assets, reflecting their commitment to national economic growth.
Maher Mahrouq, Director-General of the Association, elaborated on the specifics, noting that the initiative excludes financing for under-construction units and second homes, ensuring that loans benefit those without prior real estate ownership.
The initiative also enforces strict criteria, such as debt-to-income ratios and proof of income, to ensure that all borrowers are financially prepared and able to maintain steady payments.
The banks have outlined further conditions to ensure fair access to funding. Applicants must not already own property and can use the funds exclusively for the purchase of ready-to-move apartments.
Transfers between immediate family members and refinancing of existing loans are also excluded from eligibility.
This latest program builds on previous initiatives by Jordan’s banks to support social and economic development, including funds for SMEs, investment capital, and backing for health, education, and social programs.
Through these combined efforts, Jordan’s banking sector continues to play a pivotal role in advancing national progress and enhancing quality of life for all citizens.
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