Bahraini citizens between 35 and 45 years old may buy a home and receive subsidised financing in a proposed new scheme.
Citizens of Bahrain will be offered government-subsidised financing to help them purchase their first homes in a new development in Seef district.
It as part of a national scheme financed by two of the Kingdom's banks, Ithmaar and Eskan, designed to address the Bahrain’s housing challenges.
“As a pioneering Islamic retail bank, Ithmaar recognises the important role it must play in the local community,” said Ahmed Abdulrahim, Ithmaar Bank Chief Executive Officer.
“We are delighted to be working in partnership with the Ministry of Housing and Eskan Bank to help realise this ambitious scheme and provide the necessary support to customers looking to buy their first homes,” he added.
“The scheme effectively allows housing applicants to purchase residential units immediately from the private sector without having to stay on the housing services waiting list,” continued Abdulrahim.
“It gives the applicant the choice of purchasing a housing unit developed by an accredited developer or any housing unit approved by the Ministry,” he said.
Agreeing with this, Khalid Abdulla, the General Manager of Eskan Bank says the Social Housing Financing Scheme brings together the public and private sector to help citizens overcome the financial challenges of buying their first homes.
“As part of this Scheme, citizens between 35 and 45 years old may buy any home up to a value of BD120,000 and receive subsidised financing of up to BD90,000 through Ithmaar Bank or any bank participating in the Scheme," he explained.
"The Bank will deduct 25 percent of the beneficiary’s income towards the monthly instalment, and the remaining amount of the instalment will be paid by Eskan Bank”.
“The scheme was introduced by the Ministry of Housing in collaboration with the private sector to provide social housing for citizens listed on the Ministry’s housing waiting lists,” continued Abdulla.
“The idea is to assist beneficiaries to purchase a housing unit by obtaining financing from a participating bank, in addition to providing government financial support equivalent to the difference between the monthly instalment paid by the beneficiary, and the required instalment amount by the participating bank,” he said.
“Ithmaar Bank is committed to playing a real and meaningful role in the community, and we are privileged to be able to participate in the scheme,” stated Abdulrahim.
“We are confident that, working in partnership with the Ministry of Housing and Eskan Bank, Ithmaar Bank will be able to help our customers overcome the challenges of purchasing their first home.”
The Danaat Al Seef development will cover an area of 12,881 square meters, within walking distance of one of Bahrain’s key commercial areas which includes shopping malls, luxury hotels, banks, restaurants, and both private and public offices.
The developments will be a 10 building, four storey, 164 apartment project, offering various three and four-bedroom apartment options ranging in size from 159 up to 232 square meters.
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