Manama: The National Bank of Bahrain (NBB) has signed a memorandum of understanding (MoU) with YK Real Estate Investments and Developments Company to offer mortgage financing on the Garnet real estate development, located in Reef Island.
The MoU is aligned with the bank’s focused strategy to continuously provide housing and mortgage financing solutions for all of its customers across various real estate developments in the kingdom, NBB said.
The signing took place at NBB Tower, and was attended by NBB retail banking chief executive Subah Al Zayani, and YK Real Estate executive director Hala Almoayyed.
According to the bank, by diversifying its housing finance options, NBB is able to commit to its promise of enriching the national economy and the lives of future generations.
Through this offering, NBB will provide customers with mortgage financing of up to 90 per cent of the property value alongside competitive interest rates starting from 4.9pc. Customers who wish to apply for financing will also benefit from an easy and quick approval process and a 30-year tenor period.
Ms Almoayyed said: “We are delighted to partner with the National Bank of Bahrain and offer our newest project, Garnet, to the bank’s customers. Our aim is to create quality residential units located within enhanced living communities in Bahrain, and through our co-operation with the nation’s bank of choice, we will now be able to meet the existing demand from NBB customers for upscale, modern residential options, situated ideally in the centre of the kingdom.”
Ms Al Zayani said: “We are pleased to be partnering with YK Real Estate Investments and Developments to bring our customers a wide range of diversified housing solutions. Here at NBB, we remain committed to offering the best variety of housing services alongside key developers in Bahrain.
“Through our competitive interest rates and simplified approval processes, we are able to extend our housing solutions to all our customers as we contribute positively to enriching their futures.”
The Garnet is a 64-apartment building located in Reef Island, constructed by Almoayyed Contracting Group. Launched earlier this month, the high-end building offers fully-furnished luxury studio, one- and two-bedroom apartments overlooking the sea, and fully equipped with various amenities for its residents.
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