Khaleeji Commercial Bank and Eskan Bank sign housing finance agreement

Bank’s offering includes financing of up to $318,297 with a payment period of up to 25 years with zero down-payment

  

MANAMA: Khaleeji Commercial Bank (KHCB) has signed an agreement with Eskan Bank to provide financing to customers who wish to buy homes in Danaat Al Baraka as part of the Housing Ministry’s Mazaya Scheme.

The bank said it is opening a special booth at the project in Janussan today to process loan applications.

The Sharia-compliant bank’s offering includes financing of up to BD120,000 with a payment period of up to 25 years with zero down-payment, administrative fees or appraisal fees, and free fire insurance.

It will also provide competitive profit rates on additional financing of up to 30 years for purchase of residential units or furnishings, with zero down-payment.

KHCB head of retail banking Abdulnasser Al Rayes said: “Mazaya is contributing to fulfilling the dreams of a large segment of citizens, and we at KHCB are among the first supporters of this programme, which is confirmed by this partnership to provide financing for Bahrainis to own homes in Danaat Al Baraka, which is distinguished with its multiple housing options.”

Located in Janussan, Danaat Al Baraka includes 211 modern villas with four different designs. All villas consist of two floors including four rooms, a hall, kitchen, an annex for a domestic worker, and a garage with space for two cars.

Dr Khalid Abdullah, general manager of Eskan Bank, commented: “This partnership reflects our continuous efforts to support citizens to own a housing unit under the Mazaya scheme, including at the Danaat Al Baraka project.”

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