Al Salam Bank-Bahrain joins new Mazaya project

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MANAMA: Al Salam Bank-Bahrain has partnered with the Housing Ministry and Eskan Bank to offer home financing in the new Danaat Al Lawzi project under the Mazaya social housing scheme.

Mazaya beneficiaries choosing to become Al Salam Bank customers will get exclusive benefits including financing of up to 100 per cent of the property value with the waiver of all administration fees, valuation fees and down payment – as well as annual profit rate (APR) of four per cent for a limited period.

Housing Minister Bassem Al Hamer said, “The Mazaya housing scheme has provided a vehicle for the public and private sectors to combine forces in order to meet the housing needs of the entire kingdom. We have successfully fulfilled thousands of housing requests through the scheme and are continuing to develop new projects. In this way, we are going beyond our goals of improving the supply of social housing and accelerating the pace of infrastructure projects – we are bolstering the kingdom’s real estate sector and, more broadly, the national economy as a whole.”

The bank recently announced a similar financing deal for homes in the Deerat Al Oyoun housing project, and owing to a swift and flexible financing process, it was able to deliver the first handover of a residential villa in that project in record time.

Al Salam Bank Group chief executive Rafik Nayed said, “The Mazaya scheme is an important initiative that offers housing solutions to eligible applicants. Al Salam Bank is proud to once again play a role in ensuring that Mazaya beneficiaries receive their new home as quickly, smoothly and cost-effectively as possible. With a highly efficient and flexible financing process streamlining the delivery and handover of homes, our partnership with Eskan Bank and the Housing Ministry to deliver homes in the Deerat Al Oyoun project was a roaring success. We look forward to bringing the same level of service to the future residents of the Danaat Al Lawzi project too.”

Anwar Murad, the bank’s deputy chief executive, said, “We are delighted to once again partner with the Housing Ministry and Eskan Bank to help Bahrainis purchase their dream home. We take pride in going above and beyond to serve our customers, and it gives us great pleasure to be able to ease and streamline the process of purchasing a home in these unpredictable times.”

Located west of Hamad Town near Lawzi Lake, the villas of the Danaat Al Lawzi project each come with four bedrooms. Residents get access to the community centre, the lake, local parks as well as a range of shops, supermarkets and restaurants.

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