Mortgage Calculator for Bahrain

Mortgage Calculator for Bahrain

Home loan EMI will be a certain payment one will be making for a longer time. So, before getting a home mortgage it is important to plan and chose the one which won’t bother you later on.

Things to check before getting a home loan

• Understand interest rates and pick the right one.
• Apart from loan amount and interest rates, compare fees & charges like arrangement fees, early settlement fees, etc.
• Get pre approval before making down payment.
• Don’t put all the savings on down payment.
• Make sure you have enough money for additional costs like registration fees, land department fees, etc.
• Don’t skip home insurance.

How to check your affordability for a house?

• Check whether you can afford atleast 10%-25% of the property value as down payment.
• Check do you have enough funds to bear additional expenses.
• Check your DSR. It should be less than 50%.

Tips for first-time home buyers

• Make sure you can afford atleast 10%-25% down payment.
• Banks don’t provide loan for additional fees.
• Save for processing fees.
• Don’t get a house for more than what you afford
• Check the interest rates properly.
• Get pre approval before the property hunt.

Why you should calculate your home mortgage ?

In Bahrain, the maximum tenure provided for a home mortgage is 25 years. To make payments for so long planning in prior is necessary. This clearly explains why it is important to calculate the home mortgage before getting it.

• Get approximate monthly costs.
• Plan monthly expenses beforehand.
• Know how much downpayment is required.
• Understand how long it will take to repay the loan.
• Compare different home loan products interest rates.