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bank muscat extends baituna home finance for Mazaya project

MUSCAT, 25th January 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, and Mazaya company signed a memorandum of understanding (MoU) to provide attractive baituna home finance for Mazaya project in Baushar. Abdullah Tamman Al Mashani, Deputy General Manager – Institutional Sales & Products Development, and Dr. Mohammed Al Wahaibi, promoter of Mazaya company, signed the MoU at the bank's head office.

Abdullah Tamman Al Mashani said: “Bank Muscat is proud to be associated with Mazaya project and facilitate attractive baituna finance for prospective home buyers. 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 enhancing the role of the real estate sector in the national economy."

Dr. Mohammed Al Wahaibi said: “We are happy to join hands with Bank Muscat to provide attractive home deals for citizens. The association between the two institutions will give a boost to the real estate sector and benefit citizens across Oman to fulfill their dream homes. Mazaya project comprises 24 sophisticated apartments and is expected to be handed over by July 2017."

The attractive features of baituna home finance include low interest rates with maximum loan tenure up to 25 years for Omani customers. With extended loan tenure and low interest rate of 4.25% pa during Muscat Festival, 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 branches in the Sultanate.

baituna home finance is designed to help families fulfill their dream homes, offering 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.

baituna facilitates purchase and construction of new homes as well as land for residential use. Mortgage finance is offered to Omani nationals, GCC nationals and expatriates.