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.

© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.