Housing Loan Limit Raised to $100K, Here Are the New Requirements

The Lebanese Cabinet finally approved doubling the maximum housing loan from $50,000 to $100,000. This move opens the door for many Lebanese, especially young people with limited to moderate incomes, to finally own or renovate their homes.

With skyrocketing real estate prices, especially after the war, $50,000 just wasn’t cutting it anymore, whether for buying or fixing up a property. That’s why Lebanon’s top officials pushed for raising the ceiling, and the Lebanese delegation formally requested it during talks with the Arab Monetary Fund.

What Does the Housing Bank Say?

According to the Housing Bank’s official website:

“Banque de l’Habitat S.A.L. grants long-term loans in USD up to $100,000 to purchase or to build a housing unit and $50,000 to renovate a residence, with the possibility of installing a Solar System and a Waste Water treatment Station.”

What Are the New Loan Conditions?

Antoine Habib, General Manager of the Housing Bank, confirmed that most of the loan conditions remain the same:

– Apartment size must not exceed 150 square meters.

– Applicants must submit necessary documents like the property deed, ownership license, and building or housing permit, depending on the loan type.

But the main change is income eligibility: the borrower’s net monthly income must be between $2,500 and $5,000 to qualify for the $100,000 loan. And remember: the loan is granted and repaid in U.S. dollars.

You can check out all the new terms on their website here.

How to Apply and What’s Next?

These new loan terms took effect as of last Monday. Anyone interested can apply online via the Housing Bank’s digital platform. Repayment methods and interest rates vary depending on the loan amount.

Though this step could revive the dream of homeownership for many Lebanese families, the new loan conditions could pose a major obstacle for those whose incomes fall below the $2,500 minimum monthly threshold.

This income requirement excludes a significant portion of Lebanese citizens struggling amid the ongoing economic crisis, limiting access to the much-needed financial support for purchasing or renovating homes.

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