Joint work plan to implement new housing finance scheme

TDT | Manama                                                         

The Daily Tribune – www.newsofbahrain.com

A meeting was held yesterday to discuss the implementation of the new housing finance programme, which was launched on Monday. The Ministry of Housing and Urban Planning organised the meeting which was attended by Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj, Housing and Urban Planning Undersecretary Shaikh Khalid bin Humood Al Khalifa and Eskan Bank Director General Dr Khalid Abdulla, as well as officials from the Ministry of Finance and National Economy and commercial banks.

“The new finance program is a product of the continuous work to provide initiatives that ensure the provision of immediate housing solutions to citizens,” said the Ministry of Housing. It noted that the scheme ushers in a new phase in the partnership with the private sector by diversifying finance alternatives, in line with the Government Action Plan and the 2030 Bahrain Economic Vision.

The launch of the new programme builds on the success of “Mazaya”, noting that these initiatives aim to provide more than 10,000 housing services through packages provided by banks, in addition to the government’s contribution. The meeting highlighted the importance of facilitating the beneficiaries’ procedures, during the next stage, and the continuation of joint coordination between the ministry, Eskan Bank, banks, commercial banks, in order to achieve the sustainability of the success of these programs.

The new scheme, ‘Tas’heel Affordable Housing Solutions’, will feature three financing options, including ‘Tas’heel Aqari’, ‘Tas’heel Al Bait Al Oud’, and ‘Tas’heel Ta’awon’, as well as the launch of a new category of the ‘Mazaya Social Housing Scheme’ along with the previous version of Mazaya.

It will raise the minimum and maximum credit limits, as well as the housing finance ceilings, which citizens may receive direct support from the government on. Following a memorandum submitted by the Government Executive Committee, the Cabinet directed the Minister of Housing and Urban Planning to outline the process for citizens to access the new housing finance scheme.