MUSCAT, 29 October 2019
Bank Muscat, the flagship financial services provider in the Sultanate, in step with its commitment to national development and priorities has organised a three-day Baituna Souq exhibition from 29-31st October 2019 at Muscat City Centre. The exhibition was inaugurated by H.E. Sheikh Ibrahim Yahya Al Rawahi, Wali of Seeb and showcases prime residential and commercial properties in Oman and is being held in partnership with 12 of the country’s leading real estate developers.
Visitors to the exhibition will be able to get more details about multiple investment opportunities in real estate projects across the country as well as various housing finance solutions from Bank Muscat. Baituna home finance offers the most convenient mortgage plans in Oman and is designed in such a way as to suit everyone’s needs. The best part is that it comes with easy documentation and flexible repayment options and facilitates access to prime residential projects in Oman as all leading real estate developers are associated with the bank.
Abdullah Tamman Al Maashani, DGM - Institutional Sales & Product Development, said: “The real estate sector is a major component of the national economy and Bank Muscat is committed to energising the real estate sector and enhancing its role in the national economy. Bank Muscat’s tailor-made ‘baituna’ home finance facilitates purchase and construction of new homes as well as land for residential use. The finance is available for Omanis, GCC nationals and expatriates as well.”
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 retail banking branches.
The attractive home finance provides a major 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).
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 the relevant loan criteria.
The residential segment assumes importance in light of the growth in population as well as the fact that real estate is a major building block of economic growth. With Oman now also becoming an attractive real-estate investment destination for GCC and non-GCC nationals, Baituna offers some of the best home financing options in the Sultanate for both nationals as well as expatriates.