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Muscat: Oman Housing Bank “OHB” and National Bank of Oman “NBO” have recently celebrated signing a bilateral cooperation agreement to finance Omani citizens, who need housing finance to buy or build a house through “Al Manzel” housing finance program.
The agreement was signed on behalf of OHB by Mr. Adnan bin Haider bin Darwish, General Manager of the bank, and on behalf of NBO Mr. Hassan Abd Al Amir Shaaban, General Manager - Chief Government Banking Officer. The signing ceremony was attended by a number of officials in both banks.
Commenting on the importance of the agreement, Mr. Adnan bin Haider Darwish said “The signing of this agreement marks the culmination of our efforts to find more banking solutions that contribute to accelerating the pace of housing loans offered by OHB to its customers wishing to own the suitable house at the earliest possible opportunity. The agreement also provides the advantage of obtaining a housing loan in a short period of time through NBO without having to wait for a three- year turn, to obtain OHB’s government subsidized loans, Mr. Darwish added.
He assured that this agreement reflects the partnership between the public and private sectors in achieving the vision of the government in enhancing the urban development in the Sultanate. As well as, to work on providing a good standard of living for the Omani citizens in all the governorates of the Sultanate through offering the housing loans in simple and easy procedures, to fulfill their needs to own their own houses.
Mr. Darwish also illustrated that “this agreement is considered the fifth one signed by OHB with the local banks”. He pointed out that the bank is continuing its efforts to sign more agreements with the largest number of local banks in order to reduce the waiting period as much as possible and to serve the Omani citizens in the first place.
Under the terms of this agreement, NBO will provide housing finance through “Al Manzel” program for those wishing to buy, build or expand an existing house. This program is available for Omani citizens, who are registered with OHB, and currently in the waiting list, at a preferential interest rate. “Al Manzel” program, which is offered by NBO, will contribute to reducing the waiting period for financing and providing banking facilities to Omani citizens in a timely manner to the dream of owning a home come true. According to this agreement, NBO will pay the loans of the citizens who are having their turns to have the loans approval from the bank after a period of three years.
The maximum housing loans provided by OHB are up to 60,000 OMR, and the repayment period of the loan is 25 years at a competitive interest rate.
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