Housing finance disbursements reach BD8 million in Q1

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

More than 8 million dinars in housing finance were disbursed during the first quarter of 2021, said Housing Minister. Bassim Al Hamar also revealed that the amount benefitted about 160 citizens in the Kingdom.

The ministry, Al Hamar said, approved 65 applications for purchasing services worth 3,438,000 dinars, 85 for buying buildings worth 4,486,000 dinars, and ten for obtaining repairing services worth 81,800 dinars.

He said the ministry aims at developing various financing and housing solutions to provide immediate options for beneficiaries of housing services. The financing services are hassle-free and take into account the repayment capacity of each individual separately.

Explaining, the minister said the finance provided for purchase or construction, with an upper limit of 60 thousand dinars, are like housing entitlement. The Mazaya programme, the minister said, on the other hand, also has the same status but works by obtaining bank finance.

Mazaya programme is one of the initiatives introduced by the Ministry of Housing in cooperation with the private sector to provide social housings for citizens on the waiting lists. The programme allows the immediate purchase of housing units from the private sector without remaining on the waiting lists.

“Finance thus provided reaches 81 thousand dinars, where the applicant pays only 25% of his monthly income as EMI.” The ministry is committed to providing the remaining portion of the monthly instalment to the participating bank.