MUSCAT, 26 June 2019
Baituna home finance offers the most convenient mortgage plans to suit everyone's needs, with easy documentation and flexible repayment options.
Saed is the engine for new business acquisition and maintains a strong relationship with all ministries and leading corporates.
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision 'To serve you better, everyday' and commitment to banking service excellence, hosted a special media visit to showcase its positioning as the Sultanate's bank of first choice with the largest network of branch operations across the country. Abdullah Tamman Al Maashani, DGM - Institutional Sales & Product Development, led the senior bank officials present on the occasion in welcoming the media fraternity and explaining to them further details about Baituna and Saed services from Bank Muscat.
Abdullah Tamman Al Maashani, DGM - Institutional Sales & Product Development, said: “We are very happy to welcome the media fraternity to Bank Muscat. This media tour offers a wonderful opportunity to Bank Muscat to share the Bank's achievements in the recent past and our colleagues from the Baituna and Saed teams are here today to answer queries regarding these two services from the Bank."
Bank Muscat Baituna
Baituna home finance offers the most convenient mortgage plans to suit everyone's needs, with easy documentation and flexible repayment options. The popular home finance option facilitates access to prime residential projects in Oman as all leading property developers are associated with the bank. The attractive features of Baituna finance include low interest rates with a maximum loan tenure up to 25 years for customers. The low interest rate is a major attraction for people looking for the best home finance deals in the Sultanate. Citizens and residents can obtain easy and convenient credit approval across the Sultanate at any of the dedicated Baituna Centres at Qurm, Ma'abela, Nizwa, Salalah, Barka, Sur, Saham, Sohar, Ibri, Buraimi and Ibra or at the bank's 144 retail banking branches.
The attractive home finance is well positioned to give a boost to the real estate sector and allow citizens and residents across Oman to own their dream homes. Along with simple documentation and a flexible payment option, Baituna also offers insurance coverage and fast processing of applications across the bank's extensive network of branches and dedicated centres. Omani and GCC nationals can avail Baituna finance for the purchase and construction of new homes, as well as land for residential use, while expatriate customers can avail of financing for properties in integrated tourism complexes (ITCs). The bank also offers attractive home refinancing options.
Baituna home loans are available for salaried government employees (Omani) with a minimum salary of RO 250 and minimum service of 3 years for up to 25 years while employees (Omani) of Tier 1 private sector companies with a minimum of 6 years of service and minimum salary of RO 500 are eligible for home loans having a tenure of up to 25 years. Omanis working in Tier 2 companies with a minimum service of 12 years and a minimum salary of RO 750 are also eligible for home loans for up to 25 years.
Expatriates working in government/quasi-governmental organisations or Tier 1 companies with a minimum service of 12 years and a salary of RO 500 or more are eligible for loans for up to 20 years. Loans of up to RO 500,000 are available to both Omanis and expatriates through the Baituna Home Loan service subject to the applicant fulfilling all the relevant loan criteria. Bank Muscat's Baituna has signed agreements with leading property developers including Al Mouj Muscat, Muriya, Al Argan, Bader al Qurum, Bader al Hamra, The Links, Dar al Zain, Zain Properties and Muscat Hills.
Earlier in January 2019, the Bank organised the Baituna Souq, a 3-day event showcasing prime residential and commercial properties in Oman. Bringing together prospective home buyers, leading property and real estate developers, 'Baituna Souq' is a unique opportunity aimed at offering citizens and residents an array of attractive home options. The participating companies included Telal Al Qurm, Zain Property Development, Muscat Hills Resort, National Mass Housing, Omani Home, Muscat Bay, Wujha, Ajyal Homes, Al Argan Towell and Tibiaan Properties. Representatives of the participating companies were present for one-to-one meetings with potential home buyers, thereby opening a channel of contact with all interested customers. All participating real estate and property developers have a long association with Bank Muscat's Baituna home finance.
The Baituna team has been going from strength to strength year after year. The growth in residential finance for the first five months of 2019 has shown a sharp rise at 12 per cent already and the Baituna team is confident about setting a new record at the end of the year.
Bank Muscat's Saed team
Bank Muscat's Saed team is based out of 11 centres in both the capital area as well as the interior region. The Saed team primarily scouts for new businesses and drives retail banking product sales through promotion of key products and services like salary accounts, credit cards, Sayyarti loans, Baituna loans etc. Saed agents are constantly meeting new customers and understand their requirements and offer the solution by bundling various Retail Banking products.
The key activities of the Saed team are sales, business development and relationship Management.
Saed is the engine for new business acquisition and maintains a strong relationship with all ministries and leading corporates for the requirements of their employees, especially new employees. Saed agents are similar to relationship officers who manage existing relationships and also build new ones in their respective regions with ministries and other government departments and organisations as well as corporates.
The Saed team represents a multi-pronged approach by the bank in discovering new business opportunities and was responsible for generating business worth tens of millions of rials in 2018.
Officials from the bank also took the opportunity to familiarise the media with the special doorstep banking facilities offered by Saed, particularly through Tablet banking. Defining the bank's customer-centric strategy, Tablet banking is aimed at proactively reaching out to customers in the convenience of their homes or offices to help with their banking requirements. The facility allows opening of accounts for new and existing customers, issuance of cards as well as processing of consumer and auto finance, credit cards and Bancassurance products. Tablet banking is able to capture ID details, update KYC data and generate other documents electronically.
Tablet banking facility has been made available for asalah Priority banking customers through their Relationship Managers. The bank's Saed team has further improved doorstep banking to officials at government institutions and private sector establishments using the Tablet banking facility.
Renowned for top-notch customer service, Bank Muscat accords top priority to building strong relationships with customers. With the widest reach and the largest network of over 160 branches spread across the Sultanate, Bank Muscat meets the expectations of customers at the grassroots level.
The expanding branch network and alternative digital channels reflect the commitment to offer banking convenience at the doorstep of customers. The expanding branch network, especially in areas where developmental activities are gaining momentum, highlights Bank Muscat's commitment to the country's future development.