Muscat: Bank Muscat, the leading financial services provider in the Sultanate, and Omani Home Real Estate Development Company, have signed a memorandum of understanding (MoU) to provide attractive baituna home finance for Al Mabelah Residence and Bait Yousif Building projects. Said Al Badai, DGM – Branches, and Mahmood Al Lawati, Managing Director of Omani Home Real Estate Development Company, signed the MoU at the bank's head office.
"Bank Muscat is happy to extend yet another attractive option for prospective home and commercial space buyers in Oman. 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', especially youth. Baituna home finance is aimed at offering citizens and residents easy access to mortgage finance, thereby contributing to the revitalisation of the real estate sector and enhancing its role in the national economy," noted Said Al Badai.
"We are happy to join hands with Bank Muscat in extending attractive home deals for Omanis. The co-operation between the two institutions will benefit citizens across Oman to fulfill their dream homes," added Mahmood Al Lawati.
The construction of Al Mabelah Residence project comprising 80 villa units started by the end of 2013 and is expected to be completed in three phases over a period of 30 months. Bait Yousif Building is a 12 floor residential/commercial project located in Mabelah south.
The bank's home finance is among the lowest interest rate with the maximum loan tenure up to 25 years for Omani customers. With extended loan tenure and the lowest interest rate, Bank Muscat facilitates the best home finance deals in the Sultanate. Citizens and residents can avail easy and convenient credit approval across the bank's 137 branches in the Sultanate.
Bank Muscat's home finance is designed to help families fulfill their dream homes. Baituna offers the most convenient mortgage plans to suit everyone's needs with simplified documentation, flexible repayment options, insurance coverage and processing across the bank's extensive network of branches.
All leading property developers are associated with the bank, hence baituna facilitates access to prime residential projects in Oman.
The residential segment in Oman assumes importance in light of the growth in population as well as the buoyant economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination.
Baituna home finance facilitates purchase and construction of new homes as well as land for residential use. Finance is offered to Omani nationals, GCC nationals and expatriates. The bank also undertakes refinancing of housing loans.