Bahrain's Ministry of Housing and Urban Planning has launched its new housing finance programmes which aim to increase the number of beneficiaries.
The programmes had been earlier approved by Cabinet, a Bahrain News Agency report said.
Speaking during a press conference, Minister of Housing and Urban Planning Amna bint Ahmed Al Rumahi said the government is committed to continue efforts in formulating innovative housing solutions for citizens, in line with the comprehensive development plan led by His Majesty King Hamad bin Isa Al Khalifa.
She explained that the new housing financing programmes are part of the ministry’s plans to implement the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to increase the beneficiaries of the 'Mazaya' housing programme by an additional 500 this year, along with the introduction of more financing options for housing services.
Al-Rumaihi stated that the ministry is introducing new financing programmes in cooperation with the Eskan Bank and several other banks.
She said that the new programme named “Tas’heel”, will provide three different financing options: Tas’heel Aqari, Tas’heel Al Bait Al Oud and Tas’heel Ta’awon, adding that the ministry has also added new features to the 'Mazaya' programme, on top of providing the existing housing services.
The minister added that the Tas’heel programme will increase the minimum amount of financing from BD19,000 to BD40,000, while increasing the cap from BD60,000 to BD70,000, with no increase in payment deductions, which amount to 25% of the beneficiary’s income. She also stated that the age cap for 'Mazaya' beneficiaries will be increased to 40 years.
Al-Rumaihi explained that all necessary measures have been taken to receive applications for financing as of August 2, through the national portal (Bahrain.bh).
Eskan Bank General Manager Dr Khaled Abdullah stated that in order to benefit from the Tas’heel programme, applicants must be Bahraini between the ages of 21 and 50 residing in Bahrain, have not benefitted from any housing service before, and with a monthly income between BD320 and BD1,200. He added that the Ministry of Housing and Urban Planning reserves the right to exclude the minimum monthly income requirement in special cases.
Dr Khaled said the Tas’heel Aqari programme provides individual financing, while Tas’heel Al Bait Al Oud is for financing housing services on plots owned by relatives and Tas’heel Ta’awon is for collective financing.
He added that services provided in these programmes include constructing a housing unit, purchasing a housing unit, purchasing a plot, purchasing a building and constructing on it, adding to an existing property and purchasing a land plot and constructing on it. He said that ownership of real estate and common shares will be transferred to the bank or mortgaged as a financial guarantee.