This is the sixth loan product launched by BOB in the last two to three years. “Prices of houses have increased at a higher pace then the increase in income, so we are offering this loan with facilitated conditions for the clients,” said Antoine Chamoun, the General Manager of Bank of Beirut Invest (BOB Invest).

The new housing loan will finance up 85 percent of the house value, and offers the client with a long-term repayment period that can stretch up to 30 years. It has a long grace period that ranges from six to 48 months and it exempts applicants from file fees as well.

Launching the loan comes in the middle of peak timing. “BOB is enjoying a high liquidity, similar to other banks. The housing sector is witnessing a boom. By this formula- a low interest rate and a longer repayment period- we aim to facilitate it for a large scale of people, and especially the youth to acquire houses. Clients have to pay only one third of their salaries as an installment,” said Chamoun.

Competition between banks for launching the most attractive housing loan package is evident. But Chamoun asserted that BOB "was and is still attracting a large scale of clients." Proof : “we have already surpassed our loaning target for 2010, and we are still in the fifth month of the year with demand stemming from both expatriates and residents,” he said.