Hire Purchase for Building Material

Hire Purchase for Building Material

General Requirements
1. Joint Tin/ FRCS Card and any other ID.
2. Most recent pay slips.
3. 3 months bank statement for salaried and 6 months bank statement for self-employed.
4. Evidence of any other income.
5. Existing loan account statements with other financiers.
6. Minimum deposit of 30% [may increase subject to credit assessment.]

Personal Guarantee
1. Minimum 1 working guarantor is required for existing customers. However, subject to credit assessment, an additional guarantor shall be required.
2. Minimum 2 working guarantors required for new customers.

Requirements from Guarantor
1. Valid identification (TIN and any other ID).
2. Latest Pay slip.
3. Statement of Financial Position (form to be filled)

Evidence of House/Landownership
Customer must provide evidence of House/Land ownership:

1. Title copies of Land,
2. Agreement to lease copy,
3. Letter from Mataqali or land-owning unit.

[If it is a family house for which the materials are purchased for, then a Personal Guarantee of the house/landowner under whose name the title of the land must be obtained.]

Other assessments may apply based on your credit assessment.

Jun 12, 2024

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