Bank Muscat, the flagship financial services provider in the Sultanate, and Arabian Properties signed a memorandum of understanding (MoU) to provide attractive baituna home finance for Al Samaa project in Madinat Al Qaboos. Abdullah Tamman Al Mashani, Deputy General Manager – Institutional Sales & Products Development, and Ahmed Al Lawati, Managing Director of Arabian Properties, signed the MoU at the bank’s head office.
Abdullah Tamman Al Mashani said: “Bank Muscat is proud to be associated with Al Samaa project and facilitate attractive baituna finance for prospective home buyers. The real estate sector is a major component of the national economy and Bank Muscat is committed to extending all possible support to achieve the objective of a ‘home for every family’, especially youth. baituna home finance is aimed at offering citizens and residents easy access to mortgage finance, thereby enhancing the role of the real estate sector in the national economy.”
Ahmed Al Lawati said: “We are happy to join hands with Bank Muscat to provide attractive home deals for citizens. The association between the two institutions will give a boost to the real estate sector and benefit citizens across Oman to fulfill their dream homes. Al Samaa project comprises 92 modern apartments, including some with maid rooms, and is expected to be handed over in 30 months.”
The attractive features of baituna home finance include low interest rates with maximum loan tenure up to 25 years for Omani customers. With extended loan tenure and low interest rate of 4.25% pa during Muscat Festival, Bank Muscat facilitates the best home finance deals in the Sultanate. Citizens and residents can avail easy and convenient credit approval across the bank’s 137 branches in the Sultanate.
Baituna home finance is designed to help families fulfill their dream homes, offering convenient mortgage plans to suit everyone’s needs with simplified documentation, flexible repayment options, insurance coverage and processing across the bank’s extensive network of branches. All leading property developers are associated with the bank, hence baituna facilitates access to prime residential projects in Oman.
Baituna facilitates purchase and construction of new homes as well as land for residential use. Mortgage finance is offered to Omani nationals, GCC nationals and expatriates.