| 08 Aug 2008 |
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Bank of Beirut unveils new housing-loan scheme
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BEIRUT: Bank of BeirutBank of Beirut
unveiled a new housing-loan scheme Thursday which would allow the borrower to buy a house at zero percent interest. In collaboration with the state run Public Corporation Housing (PCH), Bank of BeirutBank of Beirut said it has launched the housing-loan program to help the Lebanese achieve their dream of buying a house.Antoine Chamoun, general manager of "Bank of BeirutBank of Beirut
Invest explained that this program will exempt the borrower from paying all interest due on the second phase of the loan, i.e. with zero percent interest from the borrower's side, because Bank of BeirutBank of Beirut will pay this interest to the PCH. Chamoun added that this loan doesn't cancel the normal PCH loan, but rather complements it.The common feature between both is the first phase, however with the "PCH Plus" the borrower has to pay 10 percent of the loan's amount as cash deposit at Bank of BeirutBank of Beirut
, which makes him eligible to be exempted from all interest due on the second phase of the loan, i.e. with zero percent interest from the borrower's side. The borrower will benefit from interest on this deposit and he has the right to get back the deposited amount deposited with all interest due on it, anytime he wants, if he chooses not to continue with the "PCH Plus." © Copyright The Daily Star 2008.
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