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Bank Muscat extends baituna home finance for Zain projects

MUSCAT, 14 April 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, and Zain Property Development company signed a memorandum of understanding (MoU) to provide attractive baituna home finance for Dar Al Zain - Phase 4, and Al Zain projects. Said Al Badai, DGM – Branches, and Mishaal bin Mohammed Al Moosa, CEO of Zain Property Development, signed the MoU at the bank's head office.

Said Al Badai said: “Bank Muscat is happy to extend yet another attractive option for prospective home buyers in Oman. 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."

Mishaal bin Mohammed Al Moosa said: “We are happy to join hands with Bank Muscat in extending attractive home deals for Omanis. The cooperation between the two institutions will benefit citizens across Oman to fulfill their dream homes."

Dar Al Zain – Phase 4 is a unique residential project located in Sur Al Hadid in the wilayat of Seeb. The project comprises 52 residential villas and is expected to be completed in the third quarter of 2015.

Al Zain project is located in Azaiba north and comprises 48 residential units spread over 6 floors. The project is expected to be handed over in the third quarter of 2015.

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 extensive network of 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.