Muscat: The Central Bank of Oman has launched a programme to amend the payment terms of loans - personal and housing loans - granted to retired employees in the public and private sectors.

The most important features of the programme are that the maximum debt service percentage “deduction” does not exceed 30 per cent of the “monthly retirement pension” if it is equal to or less than OMR1,500 and 35 per cent of the pension if it is more than OMR1,500.

The programme allows retirees to agree with banks on a higher percentage of debt service, provided that the percentage does not exceed 50 per cent and 60 per cent of the monthly retirement pension in relation to loans and personal and housing finances, respectively, in accordance with the requirements of previous circulars issued regarding the limits of deduction percentages.

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