MUSCAT, 22 January 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, and EV Group signed a memorandum of understanding (MoU) to provide attractive baituna housing finance for the group's Evening Homes residential units in Al Wadi al Kabir. Amjad Iqbal al Lawati, Head – Products and Service Management, and Vicky Thomas, CEO and Country Manager of EV Group, signed the MoU at the bank's head office.
Amjad Iqbal al Lawati 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', 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."
Vicky Thomas said: “The objective of EV Group 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 fulfill their dream homes."
EV Group is a large-scale corporation based in Mumbai, India having operations in Oman, Saudi Arabia, Australia and East African region. The group primarily focuses on affordable products at attractive locations without compromising on quality. EV stands for enduring value for investments.
The Evening Homes project is located in a prime location surrounded by greenery and overlooking the children's park in Al Wadi al Kabir. The residential units are priced from RO 49,000 onwards.
baituna 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 offers the best home finance deals in the Sultanate. Citizens and residents can also benefit from easy and convenient credit approval across the bank's 138 branches in the Sultanate.
baituna 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 network of 138 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.