Financing

Choosing the right mortgage loan makes a world of difference. There are two main types of finance available to people purchasing (or already owning) property in Qatar; Shariah Compliant Loans and Mortgages.

Who will lend on my property?

Qatar’s market place is serviced by a variety of local lenders with a smaller number of international banks also presently offering finance for property. We can help you determine who the best lenders are, in part based on (a) which country you are resident (b) where the property is located (c) how you plan to support the loan (d) how your personal details affect the finance. While there may be a number of lenders that can provide finance, there is usually one lender which offers the "most suitable" product for your requirements.

How much can I borrow?

We can determine your borrowing capacity with some basic information from you. The various lenders have different criteria as to how much they can lend a borrower.

What kind of loan can I apply for?

Depending on your personal circumstances, you can either apply for (a) resident or (b) non-resident finance. People sometimes consider themselves able to use "resident" finance if they have a residency permit for Qatar - however, there are many factors which affect whether or not you can in fact qualify for resident finance. Not all lenders offer non-resident finance. We can help you understand the best fitting loan product for your particular requirements. Let us show you how to benefit from the right loan product selection.

What are the interest rates?

That depends on a few things, including (a) whether you're a resident or non-resident borrower (b) the development in which your property is located that you're looking to finance (c) which company you work for (d) the lenders themselves. As we analyze your loan requirements, we can advise you on the probable interest rates you will expect to see in a loan offer.

What currency will my loan be established in?

If you're borrowing from a local lender, your loan will be in Riyals (QR).

Are there other costs or charges?

Loan application fees vary between lenders and loan products. Some lenders may require insurance policies linked to the mortgage. Building insurance is also commonly required. Each lender has its own fees and charges, which can vary quite dramatically between lenders.

What's the difference between Islamic/Shariah Loans and Mortgages?

Although both Shariah loans and Mortgages fulfill the same role (providing money to a borrower) Shariah loans do not charge interest - they are based on Islamic profit-share principals. Shariah loans are similar to hire/purchase agreements in that the title of the asset stays with the lender of the money, until the final loan payment is made - and the title is then transferred unencumbered to the buyer. For a mortgage, the title is always with the buyer, but a "registered interest" of the bank stays on that title until the last payment is made - and the registered interest is then removed.

Can I take an Islamic/Shariah loan if I'm not Muslim?

Yes you can. Shariah loans are available to people who are not Muslims.

More Information?

If you're looking for more detailed information or wanting to make a start on organizing a finance quote, ask us for an obligation free consultation.