a 50,000 JD house, you only need an income of 500 JD a month. You have to have proof that you are earning that amount. If you live in the United States or abroad, you will need to copies of two years tax returns. They will also require seeing your bank statements for one year for your personal account. They want to see your activity, the more activity (money coming in and out) the better. If your accounts look good then it will make the whole process much easier. If you have a business in Jordan or abroad, it is good to give them the banking activity for that also.

        The first thing that you should do is you will need to open an account at the bank you are applying at. If you know that you are going to get loan sometime in the future, I would do this sooner than later as it will give you a history with the bank. Once you have done this you will apply for a loan, this is usually just a one page document that has your personal information, income, the kind of loan you are applying for and what you are purchasing. This is preliminary that prequalifys you based on what you told them. This usually takes 3-5 days. Once you are pre-qualified then they will ask you for your bank statement activity, proof of income, and contract from the person you are buying from, if it is a new building they will ask for more documents that you will get from the builder. Usually you can get the list from the bank and give it to the builder and he can get these documents together for you. If you are going to be getting a loan on the big development projects, it will vary especially if you use the developer’s bank they signed a contract with. This makes things easier. They take care of the process; they also give multiple options on how you can finance a project that won't be finished for 2-3 years.

        Most banks offer different down payment options and amortization options meaning how many years you want to finance your loan. If you live and work abroad, the most the bank will give you is 65%-70% of the loan, but if you work and live in Jordan you can get up to 100% of the loan proceeds if the property you are buying is going to be your place of residence. The interest rates will vary if you are buying the property for investment purposes or to live in. Usually the rate is 2%-3% lower if you are going to be living in the home. Most people will say they are going to live in it then rent it out afterwards. As far as costs that will incur for closing costs. You will need to pay an appraiser to appraise the property, usually this cost 75 -125 JD.

       You will also pay a fee to the bank of 1% of the loan. Some banks will charge this every year but there are a few banks that won’t. The payment will be deducted from your account monthly. If you live abroad it is good to setup up internet banking and be able to transfer money online so it will make things easier