FAQs
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Does Sakana provide financing to more than one applicant?
Yes
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What are the criteria applied for financing customers?
The brief criteria are as follows:
Apart from the customer being able and willing to pay:- The property must be located in Bahrain.
- Minimum age of individual at the time of applying is 21 years.
- Maximum age of individual on maturity is 60 years for salaried applicant and 65 years for self-employed applicant.
- Minimum income for single applicant is BD 350 per month and for joint applicants is BD 500 per month.
- Minimum three years of continues service for residents & non-residents.
- Debt Burden Ratio (i.e. your monthly financial obligations to monthly income) must be maximum 55%
- Finance up to 90% of property value for nationals & expatriates (Residents in Bahrain), up to 80% of property value for GCC residents and up to 70% for non-residents subject to finance of Minimum BD 20,000 and Maximum BD 350 million.
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How much financing does Sakana provide?
For individual customers, Sakana provides up to 90% of the property value for residents, 80% GCC residents and up to 70% for non residents.This is of course, subject to Sakana’s terms and conditions.
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How soon can I have my approval?
Assuming you have provided all documents as per our requirements, we will provide approval within 5 working days.
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Can I obtain approval before deciding the property?
Yes. Sakana can provide pre-approval much before you decide your dream home. Once pre-approval is given, you will have 30 days to identify the property.
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Can I have 2nd mortgage on the property which I have already mortgaged to another institution?
No. However, Sakana can refinance your existing property subject to conditions.
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Can I settle my loans/liabilities with other banks/institutions?
If you have a property (irrespective of whether it is mortgaged or not), you can consolidate all your loans/liabilities by applying for refinance product. The loans/liabilities can be either from conventional or Islamic banks/institutions.
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Can I obtain finance on my home even if there is no liability on it?
Yes. You can obtain finance through our equity release product.
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Can I do early settlement of finance?
Yes. You can do early settlement either part or full.
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Do I need to transfer my salary to Sakana against repayment of finance?
No. You can make the repayment on your finance by choosing your convenient option - Installment transfer directly from your Employer, Post Dated Cheques, Irrevocable Standing Order.
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How can I repay the finance?
You can repay the finance conveniently through post dated cheques or direct transfer of installment from your employer or irrevocable standing order from your bank as per Sakana’s requirements.
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Do I need to issue security cheques?
Yes, you will be required to issue 3 undated, unvalued cheques for the monthly installment and also 1 undated, unvalued cheque to cover the outstanding due to Sakana, in case of default. Sakana will inform you prior to depositing the cheque.
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Can I get finance from Sakana even if I have already paid down payment to the developer or owner?
Yes, you can still get the financing from Sakana. Our Customer Advisors will guide you through the process.
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When will I start paying the monthly installment?
You will be required to pay the installment 30 days after full payment to the seller/developer has been done.
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What type of financing does Sakana provide?
Sakana will offer the following types of financing:
- Land Purchase
- Home Purchase
- Home Refinance
- Home Equity Release
- Home Extension
- Home Improvement
- Home Construction
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What is the minimum and maximum amount of finance offered per customer?
Sakana will finance minimum of BD 20,000 and maximum of BD 350,000 per customer.
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Do I own the property during the finance period?
In Ijarah finance the property is owned by Sakana and leased to the customer.
In Murabaha you own the property but it is mortgaged under Sakana’s name till you finish paying the complete price of the house through installments.
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What is Sakana’s benchmark rate?
Sakana’s benchmark rate is currently 9.25% per annum (with effect of 03 Jan 2010) will be for Residential properties. and 10.50% per annum for Commercial properties (with effect of 24 Jan 2010).
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Does Sakana offer fixed and variable rate financing?
Sakana offers fixed and variable rate financing for all customers. Variable rate financing is offered on long term basis up to 30 years. Fixed rate financing is offered up to 2 years.
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On what basis Sakana varies the rate?
Sakana has its own benchmark rate which would be adjusted from time to time based on market and other factors. Sakana will announce the benchmark rate as and when it is changed.
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Are Sakana’s activities Sharia’a compliant?
Sakana’s activities are carried out on Islamic Sharia’a compliant basis and supervised by a well known Sharia’a scholar Sheikh Osama Bahar.
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What modes of Islamic financing you offer?
Currently, Sakana will be offering Islamic finance on the basis of:
- Murabaha
- Ijara
- Forward Ijara
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Do I require life insurance for availing the finance?
Yes. Sakana has established a life insurance cover with Solidarity (a Takaful insurance provider) for this purpose. Please contact our Customer Advisor for further details.
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Can I assign my existing life insurance policy?
We can accept assignment of your life insurance policy provided it meets our requirements. This is of course, subject to our review and acceptance of the policy for a fee.
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Is it required to insure the property?
Yes. Sakana has established a property insurance cover with Solidarity (a Takaful insurance provider) for fire and allied perils and the property will be insured under this arrangement.
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What is Takaful insurance?
Takaful is Islamic insurance which works on the concept of donation. The policy owners mutually agree to help each other should anything untoward happen to any other policy owner. The major difference between Takaful and Conventional insurance is that Takaful products have been certified as Sharia compliant and they conform to the teachings of Islam.
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If I am buying a flat, do I get a separate access to my flat?
Yes you will have your own access. Common areas will be shared among residents such as landscaped garden, elevator, corridors, etc.
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Will I get a Title Deed on my flat? Will I have separate electricity bill?
Yes we have received preliminary approval from Municipality to sell individual flats and a separate Title Deed will be issued for each completed flat. Electricity bill will be issued separately for each individual flat.
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I don’t want to buy the whole residence but I am still interested, can I buy just a flat?
Yes. Please contact Sales team for more details.
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Are there any hidden costs/ charges that I will have to pay on purchase of the residence?
At the time of purchasing the residence, you will only have to pay the government transfer of ownership registration fee of 1.5-3% at the Land and Registration Bureau and the property is yours.
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As a non-resident, am I eligible to purchase in Sakana Busaiteen?
This very specific area is only allowed for Bahraini and GCC buyers.
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If I do not have the necessary cash to buy, will Sakana finance me to buy in Sakana Busaiteen?
Yes. Being an innovator and a catalyst for the prosperity of the housing sector, Sakana have launched a new promotion specifically to finance Sakana Busaiteen customers with profit rate as low as 6.75%
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What are the prices and terms of payment?
Prices depend on size and specifications. You will have to put 10% down payment to reserve and the remaining 90% is payable upon handover. To get more information you may contact our Sales team.
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Am I allowed to view it?
Yes. You may go direct to see it or to have a closer look and have more details you may call our Sales team whom will fix an appointment for you to show you around.
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Where is it located?
Situated within walking distance to Busaiteen seaside, all ten 3-storey heritage residences live in the heart of a family community. Driving down Aradous Highway and before entering Al Dair, you will find Sakana Busaiteen sign guiding you to the actual place.
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Will the residences come with furniture?
Residences are not furnished however they are equipped with standard fittings.
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Have electricity been fixed in the five ready properties?
Yes.
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When is the project going to be completed?
Phase I will be ready for handover in July 2011. Phase II to follow soon.
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What is Sakana Busaiteen project?
Sakana Busaiteen is a new project that is built in a newly developed area in Busaiteen. The Busaiteen properties are 3-storey heritage residences that have been developed to accommodate contemporary family needs of living in close proximity of the extended family. Phase I of the project will encompass five residences and Phase II will include the other five.
