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Bank Muscat OHB sign baituna home finance agreement

MUSCAT, 15 December 2013 – Bank Muscat, the flagship financial services provider in the Sultanate, on Sunday (15 December 2013) signed a first-of-its-kind agreement with Oman Housing Bank (OHB), to provide baituna home finance to OHB clients. The facility, aimed at providing low-interest home finance to more citizens, comes as part of Bank Muscat’s commitment to a ‘home for every family’ and development of the country.

H.E. Darwish bin Ismail al Balushi, Minister Responsible for Financial Affairs and Chairman of Oman Housing Bank, and AbdulRazak Ali Issa, Chief Executive of Bank Muscat, signed the agreement at the minister’s office.

The Ministry of Finance has assigned OHB to offer home finance to Omani nationals at lower interest rate. Due to the large response, many applicants are in the queue to avail OHB housing finance. As per the new agreement, Bank Muscat will offer special baituna home finance to Omani nationals referred by OHB. The maximum loan amount will be RO 60,000 with maximum tenure of 25 years. The facility enables OHB clients to avail baituna finance within an ideal timeframe.

H.E. Darwish bin Ismail Al Balushi expressed satisfaction with the signing of the agreement between OHB and Bank Muscat, saying that the facility reflected the contribution of the banking sector to housing development in the country aimed at facilitating a decent life for citizens across the Sultanate through the provision of affordable home finance. baituna home finance will help clear several loan requests pending with OHB and also generate interest to take advantage of home finance backed by the government. OHB seeks to find solutions to reduce the waiting period for home finance and the signing of the agreement with Bank Muscat comes in this context. The agreement reflects the extent to which the banking sector represented by Bank Muscat is contributing to harness financial resources to serve the basic housing needs of citizens and thereby contribute to development in the country.”

baituna home finance will be sanctioned to OHB clients against salary assignment and determined on the basis of asset valuation. Clients will have the option to switch from baituna to OHB when their turn comes.

Shaikh Khalid bin Mustahail al Mashani said: “Bank Muscat is proud to join hands with OHB and thereby complement government efforts in promoting housing development in the country. During the last 31 years since its inception in 1982, Bank Muscat has been closely associated with the progressive march of the nation. A keen perception of customer requirements has enabled the bank to develop innovative products and services in line with the current and emerging needs, and thereby emerge as the bank of first choice in Oman.”

AbdulRazak Ali Issa said: “As the flagship financial services provider in the Sultanate, Bank Muscat is committed to the country’s economic and social development. The new agreement with OHB offers a unique opportunity for citizens to fulfill their dream home. baituna offers the most convenient mortgage plans to suit everyone’s needs. All leading property developers are associated with the bank, hence baituna facilitates access to a wide range of residential projects across the Sultanate.”

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.

baituna facilitates purchase and construction of new homes as well as land for residential use. The bank also undertakes refinancing of housing loans. Finance is offered to Omani nationals, GCC nationals and expatriates.

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. Citizens and residents can avail easy and convenient baituna home finance across the bank’s 138 branches in the Sultanate.