bank muscat and National Mass Housing (NMH), a real-estate institution formed to offer affordable housing in Oman, signed a memorandum of understanding (MoU) to provide baituna housing finance for the NMH project in Halban.
AbdulRazak Ali Issa, chief executive, and Dr Abdul Aziz al Muftah, chairman of NMH, signed the MoU at the bank’s head office. Issa said, “The real-estate sector is a major component of the national economy and bank muscat is committed to extending all possible support to achieve the objective of a ‘home for every family,' thereby contributing to the revitalisation of the real-estate sector and enhancing its role in the national economy. baituna home finance is aimed at offering citizens and residents easy access to mortgage loans.”
Dr Muftah said, “The objective of NMH is to provide quality homes at affordable prices. We are happy to join hands with bank muscat in extending attractive home deals for Omanis. The synergy between the two institutions will benefit citizens across Oman to fulfil their dream homes.” According to a press release, baituna home finance has among the lowest interest rates with the maximum loan tenure of up to 25 years for Omani customers.
With extended loan tenure and low interest rates, bank muscat offers the best home-loan deals in the sultanate. Citizens and residents can also benefit from easy and convenient loan approval across the bank’s 136 branches in the sultanate. Phase one of NMH’s Halban project has been completed with 69 villas, and work on phase two will start in the next two months. The cost of the units range from RO60,000 to RO70,000.
The target group includes Omanis with income ranging between RO500 and RO1,500, fresh graduates and newly married couples as well as citizens intending to move out of family homes and live independently. The company said it is planning to construct affordable housing units in different regions across Oman.