Consolidation of existing loans and lowered monthly repayments made easy
Manama, 02 April, 2007: Sakana Holistic Housing Solutions has developed a value-for-money Home Refinancing solution to provide easier mortgage repayments for house buyers. The Sakana solution enables home owners to consolidate their existing home loans and any other existing loans that they may have used for purchasing or building their property. Customers can minimise their monthly outgoings by taking advantage of Sakana's lower mortgage rates and longer repayment period.
According to Sakana's Chief Executive Officer, Mr R. Lakshmanan, Home Refinancing is a convenient and cost effective financial product that enables borrowers who have been encumbered with existing high interest loans - and other mortgage loans - to consolidate these under the Sakana umbrella using the property as collateral. Such borrowings may have been obtained from conventional or Islamic banks - or even from family members and friends.
"Everyone is looking for greater disposable income and one way of achieving this is to reduce the amount of monthly outgoings. For example, with Sakana's unique 30-year repayment term, a customer would pay approximately BD 294 as an instalment on financing of BD 40,000 at the current applicable rate of 8% pa. With our Home Refinancing solution, customers have a simplified and easier way to better manage their money matters."
Home Refinancing is available on completed properties irrespective of whether or not the property is already used as security for another financial institution. It is easy to arrange and can be customised according to the customer's needs and repayment capabilities. It is available for both residents and non-residents of Bahrain, who can benefit from refinancing up to 90% and 70% of the property value over terms of up to 30 and 20 years respectively.
For this purpose, Sakana will evaluate the property through an independent property valuator. As real estate appreciates over the long term, the customer can gain additional benefits from obtaining finance based on the property's current market value as well as settlement of existing liabilities.
Mr Lakshmanan explained: "Many people are sitting on their investment without realising its value. Sakana can help to make real estate assets work to the maximum. Sakana's diverse product portfolio - including Home Refinancing - allows customers to capitalise on financial opportunities by offering real and flexible solutions to the ever-changing borrowing needs of today's buoyant property market.
"Our holistic approach means that we are thinking one step ahead of the customer by continuing to develop products, which match needs the customer may not even be aware of."
Sakana has proved itself yet again to be an innovative housing finance provider offering a unique suite of products, which deliver value for money and peace of mind to customers.
-Ends-
About Sakana Holistic Housing Solutions
Sakana Holistic Housing Solutions BSC extends a unique range of Sharia'a-compliant products and services that enable and ease the process of home ownership in the Kingdom of Bahrain. The company offers a unique mortgage financing model as well as access to a network of partners offering housing-related services such as architects and real estate companies.
Underpinned by values of spirituality, Sakana works in partnership with its customers and its value networks to create quality and innovative housing solutions that are customized to address specific and market needs.
Sakana is a 50:50 joint venture between Bank of Bahrain and Kuwait (BBK) and Shamil Bank. The Board of Sakana Holistic Housing Solutions comprises five members with two representatives each from Shamil Bank and BBK and one independent director.
© Press Release 2007
