{"id":1029,"date":"2017-05-24T09:35:47","date_gmt":"2017-05-24T09:35:47","guid":{"rendered":"https:\/\/www.weetas.com\/insights\/?p=1029"},"modified":"2017-05-24T09:35:47","modified_gmt":"2017-05-24T09:35:47","slug":"social-housing-bahrain-need-know-mazaya-program","status":"publish","type":"post","link":"https:\/\/www.weetas.com\/insights\/en\/social-housing-bahrain-need-know-mazaya-program.html","title":{"rendered":"Social Housing in Bahrain: All you need to know about Mazaya Program"},"content":{"rendered":"<p>The government of Bahrain has been focusing its efforts for a while now on <strong>expanding its social housing stock<\/strong> to provide the <strong>low-income citizens<\/strong> of Bahrain with affordable housing.<\/p>\n<p>Accordingly, the Ministry of Housing alongside <strong>Kuwait Finance House-Bahrain<\/strong> have launched <strong>Mazaya program<\/strong> &#8211; social housing finance scheme &#8211; in collaboration with the private sector.<\/p>\n<p>The program&#8217;s main aim is to assist those on social housing waiting list to get financed by a financial institute as well as to obtain a <strong>governmental financial support<\/strong> to purchase a housing unit.<\/p>\n<p>Here is all you need to know about <strong>Mazaya program<\/strong>,<\/p>\n<ul>\n<li><strong>Eligibility Criteria<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1087\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Eligibility-Criteria.jpg\" alt=\"Eligibility Criteria\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Eligibility-Criteria.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Eligibility-Criteria-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>First of all; you need to be a <strong>Bahraini citizen<\/strong> to be eligible to benefit from the Ministry&#8217;s Mazaya program.<\/p>\n<p>Second, the applicant must be between <strong>the age of 21 and 35<\/strong> with a monthly income that is not less than <strong>600 BD<\/strong> and not more than <strong>1200 BD<\/strong>.<\/p>\n<p>Third, the beneficiary, by all means, should be a <strong>permanent resident <\/strong>in the Kingdom of Bahrain.<\/p>\n<ul>\n<li><strong>Advantages<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1086\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Advantages.jpg\" alt=\"Advantages\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Advantages.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Advantages-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>The program offers a luring list of advantages to all its beneficiaries,<\/p>\n<p>1- The program gives you the right to immediately purchase a unit with no need to stay on the waiting list.<\/p>\n<p>2- Beneficiaries are allowed to purchase units from any housing project that is <strong>approved by the ministry<\/strong> and not restricted to the ministry&#8217;s projects.<\/p>\n<p>3- You are allowed to get a <strong>mortgage loan<\/strong> from banks that participated in the program.<\/p>\n<p>4- You will only pay <strong>25%<\/strong> of your monthly income as a mortgage instalment where the government will pay the reaming amount per month.<\/p>\n<ul>\n<li><strong>Terms and Conditions<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1092\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Terms-and-Conditions.jpg\" alt=\"Terms and Conditions\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Terms-and-Conditions.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Terms-and-Conditions-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>This here is divided into two parts,<\/p>\n<p><u>1- Maximum loan amount<\/u><\/p>\n<p>A maximum loan of <strong>90,000 BD<\/strong> is the amount you are allowed to get.<\/p>\n<p>However, you will be required to pay <strong>10%<\/strong> of the amount as a <strong>down payment<\/strong> to the bank.<\/p>\n<p><u>2- Maximum allowable house price<\/u><\/p>\n<p>You are allowed to buy any type of property given its selling price doesn\u2019t exceed <strong>120,000 <\/strong>BHD.<\/p>\n<p>And given that banks only loan you 90,000 BHD \u2013 in the case of buying a 120,000 worth property \u2013 applicants will be <strong>obliged to pay the difference<\/strong>.<\/p>\n<p><u>3- Property status<\/u><\/p>\n<p>Mazaya program beneficiaries are only allowed to purchase <strong>recently constructed units<\/strong>, whereas under construction units won\u2019t be considered.<\/p>\n<ul>\n<li><strong>Participant developers<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1088\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Participant-developers.jpg\" alt=\"Participant developers\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Participant-developers.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Participant-developers-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>A number of renowned and accredited real estate developers are among the participant developers by which buyers are allowed to purchase any of the properties registered in the program.<\/p>\n<p>1- Naseej<\/p>\n<p>2- Eskan Properties<\/p>\n<p>3- Al Namal Group<\/p>\n<p>4- Manara Developments<\/p>\n<p>5- Diyar Al Muharraq,<\/p>\n<p>6- Tadawul<\/p>\n<ul>\n<li><strong>Participant Financial Institutions<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1089\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Participant-Financial-Institutions.jpg\" alt=\"Participant Financial Institutions\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Participant-Financial-Institutions.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Participant-Financial-Institutions-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>1- Albaraka Bank<\/p>\n<p>2- Bahrain Islamic Bank<\/p>\n<p>3- Ahli United Bank<\/p>\n<p>4- Al Salam Bank<\/p>\n<p>5- Ithmaar Bank<\/p>\n<p>6- Khaleeji Commercial Bank<\/p>\n<p>7- Kuwait Finance House<\/p>\n<p>8- Bank of Bahrain and Kuwait<\/p>\n<ul>\n<li><strong>Requirements<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1091\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Requirements.jpg\" alt=\"Requirements\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Requirements.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Requirements-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>Beneficiaries will be required to submit the following <strong>documents<\/strong> to the Ministry of Housing<\/p>\n<p>1- Salary Sheet<\/p>\n<p>2- Three-month bank statement<\/p>\n<p>3- A copy of the smart ID card<\/p>\n<p>4- A detailed credit report of any of beneficiary\u2019s existing car loans, credit cards..etc<\/p>\n<ul>\n<li><strong>Private Sector Social Housing Projects<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1090\" src=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Private-Sector-Social-Housing-Projects.jpg\" alt=\"Private Sector Social Housing Projects\" width=\"600\" height=\"488\" srcset=\"https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Private-Sector-Social-Housing-Projects.jpg 600w, https:\/\/www.weetas.com\/insights\/wp-content\/uploads\/2017\/05\/Private-Sector-Social-Housing-Projects-300x244.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>There are many <strong>luxurious real estate projects<\/strong> by private developers that are under the public-private partnership (PPP) model.<\/p>\n<p>These residential projects are committed to providing the citizens of Bahrain with their ideal housing.<\/p>\n<p>Following the highest standards, these <strong>multi-purpose projects<\/strong> have all that residents need from shopping malls, entertaining facilities, caf\u00e9s and more.<\/p>\n<p><strong>Here is a glimpse of some of the high-end projects included in Mazaya program,<\/strong><\/p>\n<p>1- Al Ramli project<\/p>\n<p>2- Deerat Aloyoun<\/p>\n<p>3- Wadi Al Riffa project<\/p>\n<p>4- Hasabi<\/p>\n<p>5- Danaat Al Lawzi<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of Bahrain has been focusing its efforts for a while now on expanding its social housing stock to provide the low-income citizens of Bahrain with affordable housing. Accordingly, the Ministry of Housing alongside Kuwait Finance House-Bahrain have launched Mazaya program &#8211; social housing finance scheme &#8211; in collaboration with the private sector. The &hellip; <a href=\"https:\/\/www.weetas.com\/insights\/en\/social-housing-bahrain-need-know-mazaya-program.html\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Social Housing in Bahrain: All you need to know about Mazaya Program<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":1084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/1029"}],"collection":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/comments?post=1029"}],"version-history":[{"count":6,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/1029\/revisions"}],"predecessor-version":[{"id":1102,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/1029\/revisions\/1102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/media\/1084"}],"wp:attachment":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/media?parent=1029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/categories?post=1029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/tags?post=1029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}