Designed specifically for home-owners looking to get more out of their savings, SaverMortgage from Arab Bank is a one-stop solution that puts your savings, salary, current and mortgage accounts all under one roof.
With the benefits it offers, SaverMortgage is easily the most powerful and unique mortgage product in the market today.
It works by simply offsetting every single Dinar held in your bank accounts against your mortgage balance. This means you not only save thousands in interest but you also pay off your mortgage faster!
Your ticket to unmatched benefits:
Interest Savings: With your deposit account(s) linked to your SaverMortgage account you will enjoy substantial interest savings on your mortgage. The interest will be calculated on your mortgage balance less the balances you hold in your bank accounts.
Shorter Repayment Period: With the interest you save, more of your monthly installment goes towards the mortgage principal and by paying the principal faster, your house could be yours much sooner than a traditional mortgage.
Unlimited Access: No minimum balance requirements and no restrictions on withdrawals guarantee you have access to your money at all times, whenever you need it.
Flexible Repayments: Part payments are permitted meaning you can manage your installments conveniently.
Choice: You can choose to link up to 4 accounts with your mortgage. What’s more, you can even select bank accounts that do not belong to you.
How do you save?
Look how the SaverMortgage can save you more money than a traditional mortgage:
*The examples above are for illustrative purposes only
The example shows you that by maintaining only 20% of your loan balance in your bank account, you will save BHD 12,331 in interest. Compared to a traditional mortgage, this would be 34% less.
Even if you do not have any deposit balance today, all you have to do is start saving monthly and begin to enjoy interest savings over the life of the loan.
To further illustrate how the SaverMortgage can help you save money against a traditional mortgage, the graphs below demonstrate how much you can save and how soon can you repay by maintaining between 20% to 50% of your mortgage balance, in your bank accounts.
If the savings in interest and reduction in mortgage tenor were not enough already, the SaverMortgage has more features which makes it even more attractive:
High loan amount up to BHD 200,000
Up to 80% Loan to Value
Convenient repayment tenor of up to 15 years
Attractive Loan buy out terms
Preferential insurance rates
Put together, the SaverMortgage is truly the most powerful financial product in the marketplace – saving you money and helping you achieve your goals faster! So why wait? Sign up for SaveMortgage today!
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Subject to Bank's Terms and Conditions, fees and commissions applicable to this product. APR starting from 8.5% (variable rate linked to BIBOR+ Margin)