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Bank of Beirut: Pioneering Housing Loan Solutions
Bank of Beirut Announces New Additions to the 0% Interest Housing Loan Scheme in Cooperation with the Public Corporation for Housing |
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For Immediate Release
Bank of Beirut - June 18, 2009: Following the noticeable success of the 0% Interest Housing Loan Scheme in cooperation with the Public Corporation for Housing (PCH), Bank of Beirut announced the addition of new features and amendments aimed at making it easier on consumers to get the 0% housing Loan. The launch took place during a press conference held on June 18, 2009 at Rotana Gefinor Hotel, Beirut, in the presence of representatives of media outlets, the Bank’s executives, and real estate experts.
Through the launch of this loan scheme, Bank of Beirut is reiterating its commitment and relentless determination to bring forth the most innovative services to assist the social environment in which it operates. The Bank’s unique strategy is being reflected in the delivery of the ultimate solutions that contribute to social progress and facilitate the day-to-day operations of its clientele. The launch of this special 0% Interest Housing Loan Scheme with its additional features comes in the framework of Bank of Beirut’s responsibility vis-à-vis the Lebanese youth to help them achieve their dreams and own a house, thereby strengthening the bond with their country and curbing migration.
In his welcome note, Mr. George Aouad, Head of Retail Banking Division, stated, “Bank of Beirut is asserting once again its commitment to serving all classes of the Lebanese society, especially the youth, by providing them with diverse banking services that are tailored to meet their needs.” He stressed on the importance of a special service offered by the Bank, which consists of “an-after sale service through the 24/24 Call Center and a network of 43 branches spread throughout Lebanon. This is in addition to its unique branch in ABC mall in Achrafieh, which opens its doors all year long, even on Sundays and holidays from 8:00 a.m. to 10:00 p.m.”
Following the welcome note, Mr. Antoine Chamoun, General Manager of Bank of Beirut Invest, tackled the latest innovations in the Housing Loan sector, which was and still is led by Bank of Beirut. He started off by reminding attendees that “Bank of Beirut launched in May last year the 0% Interest Housing Loan Scheme, the fundamental feature of which is that the borrower is exempt from paying interest fees to the PCH during the second period of the loan (Bank of Beirut settles these fees to the PCH). The waiver of the interest fees is provided in return for a sum amounting to nearly 10% of the loan value, to be deposited in Bank of Beirut and this loan scheme is receiving wide acclaim among Bank of Beirut customers.”
However, some borrowers who would like to benefit from this scheme cannot always secure the required amount (around 10%). Thus, ‘Bank of Beirut amended the provisions of the loan, thereby allowing anyone interested in applying for the 0% interest loan scheme to be granted approval without having to freeze the entire amount (equivalent to 10%), but can deposit a part thereof and settle the rest in several installments over the first period of the loan.”
It is worthy to note that this loan gives the borrower the opportunity to benefit from the following advantages:
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Waiver of the interest fees to be paid to the PCH in return for a deposit to be settled in full or over several installments |
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Waiver of the file fees |
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Waiver of the expert’s fees |
At the end of the conference, Mr. Chamoun and Mr. Awad thanked the media representatives and all attendees for their presence and their staunch support of Bank of Beirut, and for consistently and thoroughly relaying the Bank’s mission. |
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For more information contact:
Ingrid Sfeir
Head of Media Relations
Bank of Beirut S.A.L.
Phone: 01/738767 – ext 227
Email: isfeir@bankofbeirut.com |
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| About Bank of Beirut s.a.l. |
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Incorporated in 1963 in Beirut, Lebanon, Bank of Beirut s.a.l. is one of Lebanon’s leading banks ranking 7th in terms of total assets and 6th in terms of profitability. The Bank offers a full range of banking services throughan extensive network of 43 branches in Lebanon, and a network of foreign entities: a branch in Limassol - Cyprus, a branch in Muscat - Sultanate of Oman, a wholly owned subsidiary in London - United Kingdom (Bank of Beirut (UK) Ltd) and three Representative Offices located in Dubai - UAE, Lagos - Nigeria and Bagdad - Iraq. In addition, Bank of Beirut operates a wholly-owned Financial Institution (BoB Finance s.a.l.) and an insurance brokerage firm (Beirut Brokers s.a.r.l.) and an independent investment bank, (Bank of Beirut Invest s.a.l.).
Since 1997, the Bank embarked on an aggressive expansion plan, aiming at enhancing its market position. This was achieved through a number of transactions ranging from private placements and issuance of Preferred Shares, to entering into strategic alliances with regional Arab banking institutions, and acquiring other banking competitors, namely Transorient Bank s.a.l. in late 1998, and Beirut Riyad Bank s.a.l. in June 2002. |
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