Alternative housing finance make positive impact, says MP Dr Al-Dhaen

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

The newly launched alternative financing solutions and options for housing applicants of 2004 and before has been termed by MP Dr Maryam Al-Dhaen as crucial to the “stability and wellbeing of Bahraini families”.

The MP said the programme has gained substantial interest, especially from beneficiaries in the Second District of the Southern Governorate.

The Housing Ministry is intensifying efforts to extend this support to a wider audience and has taken proactive steps to offer guidance to beneficiaries, she added.

According to Dr Al-Dhaen, housing finance programmes have played a pivotal role helping thousands of citizens.

She attributed this accomplishment to the visionary leadership of His Majesty King Hamad Bin Isa Al-Khalifa and the follow up of His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince and Prime Minister.

His Royal Highness has ordered the allocation of an additional budget for financing solutions and alternative options for those who have applied for housing units in 2004 and before.

She stressed: “The efforts of the Housing Minister have contributed to accelerating the pace of housing projects, improving services and meeting citizens’ housing needs through close cooperation between the legislature and the executive.”

Dr Al-Dhaen also elaborated on the budget provisions for financing alternative solutions for older applicants, detailing three distinct options.

The first option encompasses a subsidised approach with funding derived from the Facilitate program, amounting to BD40,000.

Additionally, housing allowances continue for two years from the entitlement date, or two years from the common housing grant, or two months.

The second avenue involves a housing plot backed by BD40,000 in funding, coupled with a flat provision grant of BD3,000for citizens earning an average monthly income below BD900 dinars.

The third option provides beneficiaries with a maximum funding of BD70,000, supplemented by a grant of BD10,000 for individuals with salaries ranging from  BD900 to BD1,500.