Bahrain Housing Ministry is sole Mazaya funding agency
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The Bahrain Housing Ministry yesterday affirmed its pivotal role as the funding entity of the Mazaya housing scheme.
With a firm stance, the ministry asserts its policy, affirming that requests to purchase housing units must align with stringent criteria, including the necessity of a separate document eligible for a mortgage.
“Since the ministry is the funding entity for Mazaya, it does not accept requests to purchase housing units without a separate document eligible for a mortgage,” the ministry explained.
This insight sheds light on the ministry’s rigorous approach to ensuring the integrity and viability of the programme.
Clarification was also given on the delivery or purchase of housing units without a separate document.
Accordingly, citizens enrolled in the Mazaya service are contractually tied to financing banks participating in the programme, operating by the banks’ regulations.
Regarding the Diyar Al Ayoun project, the ministry highlighted its partnership with a real estate development company since 2015 to implement the project, which aims to provide over 3,000 subsidised housing units in multiple stages.
“The objective,” stated the ministry, “is to offer units at government-supported prices, enabling citizens seeking housing financing to avail themselves of this opportunity.”
This clarification comes in response to inquiries raised by MP Khalid Buanq during parliamentary sessions.
Moreover, the ministry disclosed its efforts in conducting lectures and workshops with real estate developers to educate them about properties suitable for the Mazaya programme and encourage them to provide ready housing units aligned with the financial services offered by the ministry.
“As a result, some real estate developer projects have been approved to provide ready units according to the programme’s specified criteria, including the unit price,” the ministry stressed.
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