Bahrain’s Ministry of Housing and Urban Planning has launched its new housing finance programs that aim to increase the number of beneficiaries.
The programs had been earlier approved by Cabinet, according to the reports. The ministry is introducing new financing programs in cooperation with the Eskan Bank and several other banks.
Ms. Amna bint Ahmed Al Rumahi, Bahraini Minister of Housing and Urban Planning said that the new program named “Tas’heel” will provide three different financing options such as Tas’heel Aqari, Tas’heel Al Bait Al Oud, and Tas’heel Ta’awon.
Further, the minister noted that “the ministry has also added new features to the ‘Mazaya’ program, on top of providing the existing housing services and 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.”
Ms. Al Rumahi added that the Tas’heel program will increase the minimum amount of financing from $50,393 (BD19,000) to $106,091 (BD40,000), while increasing the cap from $159,137 (BD60,000) to $185,659 (BD70,000), with no increase in payment deductions, which amount to 25 percent of the beneficiary’s income. Furthermore, the age cap for ‘Mazaya’ beneficiaries will be increased to 40 years.
Eskan Bank General Manager Dr. Khaled Abdullah stated that “in order to benefit from the Tas’heel program, 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 $848 (BD320) and $3,182 (BD1,200).”
Dr. Abdullah added that the Ministry of Housing and Urban Planning reserves the right to exclude the minimum monthly income requirement in special cases. The Tas’heel Aqari program 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.
The General Manager added that “the services provided in these programs 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. The ownership of the real estate and common shares will be transferred to the bank or mortgaged as a financial guarantee.”
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