Housing Savings Plan
Do you have children under the age of 18? Do you want to put some money on the side for them so that they can one day buy their own house? Are you a young adult looking for more independence and planning to get your own place?
Then look no further than Banque Libano-Francaise unique Housing Savings Plan.
Starting $50 a month, you can save for your down payment, benefit from a life insurance coverage, and get an easy access to your housing loan with a predefined discount on applicable interest rate.
Housing Savings Plan in Brief
- Currency of the Contract: USD,
- Insured Age at Subscription:
- Between 18 and 70 years for a HSP subscribed for by parents,
- Between 18 and 30 years for a HSP subscribed for by young adults.
- Maximum Insured Age at Maturity:
- Up to 75 years for a HSP subscribed for by parents,
- Up to 35 years for a HSP subscribed for by young adults.
- maximum Beneficiary Age at maturity:
- Up to 35 years for a HSP subscribed for by parents
- premiums:
- Choose the frequency of payments that suits you most: monthly, quarterly, biannually or annually,
- initial Payment:
- USD 100 for a HSP subscribed for by parents,
- USD 50 for a HSP subscribed for by young adults.
- Minimum Amount: USD 50 per month,
- Additional payments are possible at any time (minimum of USD 100).
Availability
- Total surrender of the total saved amount at any time upon contract termination,
- Access to the housing loan program with preferential conditions is waived in case the HSP contract is terminated during the first five years.
Coverage
- for a HSP subscribed for by parents: in case of death or total permanent disability, Bancassurance SAL will pursue the plan on their behalf and will keep making the payments of the remaining preset amounts till the termination of the initial contract,
- for a HSP subscribed for by young adults: in case of death, Bancassurance SAL will pay the insured amount to the beneficiary(ies).
Characteristics of the Housing Loan Associated with the HSP
- With a minimum of 5 years of savings, the Housing Savings Plan gives you an easy access to a BLF housing loan with preferential conditions, in case you terminate your HSP contract during the first 5 years, your right to the BLF housing loan will be waived,
- The housing loan will be provided at a discounted rate* which varies depending on the savings duration
| Life duration of the HSP |
Preferential Interest rate |
| 5 years |
Applicable rate(-) 0.10% |
| 6-10 years |
Applicable rate(-) 0.15% |
| 11-15 years |
Applicable rate(-) 0.20% |
| 16-20 years |
Applicable rate(-) 0.25% |
| > 20 years |
Applicable rate(-) 0.30% |
*not applicable to special Housing Loan offers such as PCH, etc.
Benefits
- get an easy access to a Housing Loan with preferential conditions,
- build up a capital that can be used as a down payment to finance the purchase of your home,
- no file fees or expertise fees on the housing loan associated with the HSP,
- benefit from a flexible plan with a life insurance coverage.
The Housing Savings Plan is issued by Bancassurance SAL, a life insurance company affiliated to Banque Libano-Française and Crédit Agricole (France).
Bancassurance SAL is a joint stock company established under the Code of Insurance with a paid-in capital of LBP 4.5 billion. CR no 75 309, Beirut.
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