The National Bank of Bahrain (NBB) has joined hands with leading Bahraini developer Diyar Al Muharraq to launch an exclusive offering for the second phase of its affordable housing project, Deerat Al Oyoun, featuring 345 villas within its key integrated city in the kingdom.

 

To facilitate the process for their customers, NBB will participate in the upcoming roadshow organised by Eskan Bank starting from March 21. It will offer customers an exclusive package under the existing Mazaya Finance scheme which also includes a prepaid card prefunded with BD500 ($1318).

 

As part of the package, NBB will cover the property registration fee of 1.7% of the property value paid directly to the Survey & Land Registration Bureau (SLRB). 

 

Furthermore, customers will also be given a grace period of up to six months in addition to a zero per cent down payment on the property value. 

 

Finally, customers will benefit from a waiver on the loan processing fees alongside lifetime free fire insurance coverage, said the statement from NBB.

 

The current offering also includes many standard benefits including a tenor period of up to 25 years, a waiver of the land evaluation fees and free life insurance coverage, along with competitive interest rates and a seamless approval process, it stated. 

 

NBB said customers will also be eligible to benefit from the existing personal loans campaign enabling them to benefit from competitive interest rates with a grace period of up to 18 months and the chance to win back 12 monthly installments. 

 

Engineer Basim Bin Yacob Al Hamer, Minister of Housing and Chairman of Eskan Bank, commended NBB for supporting the objectives of the Ministry of Housing and Mazaya programme.

 

"Through our close cooperation with private sector institutions, we seek to enable citizens benefiting from the Mazaya programme to obtain appropriate financing solutions to purchase social housing villas in any of the projects supported within the programme, and set up in various parts of the Kingdom, including Deerat Al Oyoun project," stated Al Hamer. 

 

"We value the contribution of the bank to our efforts to meet thousands of housing demands in the Kingdom, by providing financing offers enhanced with valuable benefits to those who meet the requirements of this important programme," he added. 

 

Al Hamer said NBB looks forward to continuing the fruitful cooperation with all its partners in the banking and real estate sectors, in order to accelerate the pace of urban progress and support the Kingdom's economy altogether.

 

CEO Jean Christophe Durand said: "We are pleased to announce NBB’s exclusive offering for the second phase of Deerat al Oyoun real estate development. I would like to extend my appreciation to the Ministry of Housing and Eskan Bank for their continuous efforts in making the first phase such a success."

 

"We at NBB continue to provide our customers with the optimum housing financing solutions, as it has always been the Bank’s vision to cater beyond all our customers’ financial needs. The exclusive offering contributes positively towards ensuring a seamless journey from filling your loan application till your keys are delivered to you," noted Durand.

 

CEO (Retail Banking) Subah A.Latif Al-Zayani said: "We are excited by this partnership with Eskan Bank, and proud to be a part of the second phase of “Deerat Al Oyoun” real estate development project, with our exclusive offers."

 

"This partnership will help us to further provide additional housing financing solutions for our customers, which goes in line with our vision to be a part of the solution in the real estate sector and enable our loyal customers to buy their dream homes," he added.-TradeArabia News Service