National Bank of Bahrain ” NBB ” announced the delivery and handover of a housing unit in the “Deerat Al Oyoun” project, which is located in Diyar Al Muharraq. This is part of the Mazaya Finance Program implemented by the National Bank of Bahrain in partnership with the Ministry of Housing and Eskan Bank. The property was delivered in the time, allowing owners to receive the first unit during a ceremony attended by senior officials from the National Bank of Bahrain and Eskan Bank.
The handover of the first housing unit in the Deerat Al-Oyoun project is the first partnership between the National Bank of Bahrain and the Ministry of Housing and the Eskan Bank to provide new financing solutions for real estate ownership. Whereas, NBB customers who are interested in buying a property in Deerat Al Oyoun will benefit from a set of advantages, which provides them with a wonderful experience when purchasing their dream home, as customers will receive an additional 5,000 BD to furnish their homes as part of mortgage finance, and they also get financing without a down payment or any administrative fees. The financing includes a grace period, where the repayment of installments will start from January 2021, and the applicants also get a benefit for a limited period, which is an annual profit rate of 4%. In addition to enjoying exclusive offers from select stores.
Mohammed Rasee, Head of Retail Relations at NBK, said: “As the first offer of its kind in Bahrain, the bank will not ask for a down payment and customers will be able to take advantage of National Bank of Bahrain, which covers property registration fees of 1.7% of the property value, as well as low interest rates and competitive rates for their loan, plus a repayment period of up to 25 years for the total value of the property.
Engineer Bassem bin Yaqoub Al-Hamr, Minister of Housing, said that the partnership with the private sector to provide and finance social housing projects has achieved many good results, including the diversity of projects and the acceleration of the provision of providing housing units to citizens, which contributed to the meeting thousands of housing requests, indicating that the amount of funding provided by banks and financing banks in the Kingdom reflects the success of the “Mazaya” program, and the ability of the banking sector in the Kingdom to be an authentic party in the cycle of meeting social housing requests for citizens with limited income.