Muscat: Some lower income families in Oman have been told they no longer have to pay their mortgages, according to a ministerial decision.
Housing loans may be forgiven for lower income Omani citizens with remaining loan instalments, according to a new Ministerial Decision.
A newly released Ministerial Decision amends the Social Housing Law in order to “forgive” remaining housing loans to those with lower income, the elderly and those medically unable to work, or imprisoned.
“The Minister of Housing, may, after taking approval from the Ministry of Finance, exempt a debtor from paying the remaining loan instalments if his monthly income is less than OMR300.
The law applies if there are no outstanding instalments due by the debtor, and the properly value is equivalent to the value of the loan received, and does not apply for housing that has been financed by the Ministry.”
According the new Decision, the loan may be forgiven provided it also meets one of the following conditions:
1. The individual has reached sixty years of age.
2. The has proof that his family is registered under social security, in the categories of disability and old age.
3. The individual is found unable to work according to a medical report approved by the Ministry of Health.
4. The individual is a prisoner whose sentence is longer than five years.