MANAMA: The National Bank of Bahrain (NBB) has signed a partnership agreement with Eskan Bank to provide home buyers with tailored mortgage financing solutions for the Danaat Al Lawzi project located in Hamad Town.
The bank is providing financing on Eskan Bank’s latest project as part of its commitment to Bahrain’s vision of providing housing solutions to citizens.
Interest rates will start from 4 per cent for the top up amount with a total coverage of up to BD120,000 for up to 25 years.
Candidates eligible under the Mazaya scheme will also get a waiver on valuation or processing fees, faster approval processes, and competitive rates on primary and secondary mortgage loans, in addition to a BD500 voucher for the first 10 customers.
Housing Minister and Eskan Bank chairman Basem Al Hamar said: “We extend our appreciation to NBB and other partners in the banking sector for supporting our initiatives towards enabling Bahraini beneficiaries of the Mazaya scheme to obtain easy financing.”
Commenting on the partnership, NBB chief executive Jean-Christophe Durand said: “NBB has always been at the forefront of supporting the kingdom’s social and economic initiatives, and through this partnership with Eskan Bank, we look forward to taking an active role in meeting the growing demand for affordable housing in line with Vision 2030.”
Eskan Bank general manager Dr Khalid Abdullah commended the collaboration with NBB stating that “over the past years, Mazaya scheme has been able to provide affordable financing solutions to many citizens, and NBB has been a consistent supporter of the scheme all along.”
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