ABJ: The Association of Banks in Jordan (ABJ) is scheduled to announce Wednesday, the details of an initiative for banks, aimed at supporting the first time home buyers to own their residential flats and stimulate the Kingdom's housing sector. According to Jordan News Agency, the ABJ revealed in a statement Tuesday that the initiative is valued at JD200 million. This program will be implemented by offering a loan or financing product to first-time apartment buyers at a fixed interest rate of 4.99% for the first three years. This initiative aligns with the current requirements and provisions set forth by the banks. The initiative is designed to assist individuals purchasing their first homes, thereby invigorating the housing market in the Kingdom. It is anticipated that this financial support will make homeownership more accessible and affordable for many residents, contributing to the overall economic development of the region. The ABJ's announcement is expected to offer clarity on how the scheme will o perate and the specific criteria that will be in place for potential home buyers to qualify for this financial product.
