The home improvement loan is offered to home owners with fixed income to carry substantial improvements to the house, such as painting, retiling, or even adding a room to the house. The loan funds’ may not be used for the purchase of household appliances or furniture.  This loan product is for individuals who are steadily employed or self-employed (i.e., own their own business). 

Home improvement loan amount ranges from $100 to $15,000, with a repayment period up to 18 months.

The actual loan size and term are based on the homeowner’s need/demand, repayment capacity, loan use (i.e., cost of improvement) and credit history.

Potential borrowers must meet the following requirements to be considered for a loan:

• The applicant must be at least 18 years old and no more than 65 years old.
• Any borrower aged 65 years and above isn’t authorized to take any loan unless it is a renewable loan and should be under the name of his son, daughter, or wife.
• The applicant’s business activity or house must be located in the governorate from which he/she is applying for a loan.
• The applicant must have a strong commitment and capacity to repay the loan on time.
• The applicant must provide guarantor(s) (and potentially collateral) sufficient to cover the repayment of the loan.
• The applicant must provide guarantor(s) (and potentially collateral) sufficient to cover the repayment of the loan.

In addition to the above requirements:

• Applicants must own their home and provide proof of home ownership unless they meet the exceptions below.  Renters are not eligible for this product.
• It is acceptable if the applicant is not the home owner only in the following cases:
  • In case the home owner is deceased and a family member residing in the house provides the home ownership papers of the deceased owner. In the case of major improvement such as adding a new window, room or floor the applicant must also provide written approval from at least 51% of the heirs to make the improvement.  
  • In cases the home owner is retired or unemployed; a working family member who is living the home may apply for a loan. The home owner must be a guarantor to the loan and offer his consent to improve the home as well as sign the authorization form.
  • In case the client is a partner in the house the other partner(s) must cosign the loan application and sign the authorization form.
• If the client is not the owner of the home, the home owner must sign authorization sheet to show his/her consent to have the improvement conducted on his/her property.
• The applicant must live in the home that is to be improved or intend to move into the house once improved.