Bahrain: Ministry of Housing Announces New Housing Financing Programs

Manama, The Gulf Observer: The Ministry of Housing and Urban Planning held a press conference on Monday at the Isa Cultural Centre to announce the launch of the New Housing Financing Programs. The programs had been earlier approved by Cabinet.

Speaking during the conference, Minister of Housing and Urban Planning, Her Excellency Amna bint Ahmed Al Rumahi, affirmed the government’s commitment to continue efforts in formulating innovative housing solutions for citizens, in line with the comprehensive development plan led by His Majesty King Hamad bin Isa Al Khalifa.

She explained that the new housing financing programs are part of the ministry’s plans to implement the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to increase the beneficiaries of the “Mazaya” housing program by an additional 500 this year, along with the introduction of more financing options for housing services.

Minister Al-Rumaihi stated that the ministry is introducing new financing programs in cooperation with the Eskan Bank and several other banks. She explained that the new program dubbed “Tas’heel”, will provide three different financing options: “Tas’heel Aqari”, “Tas’heel Al Bait Al Oud” and “Tas’heel Ta’awon”, adding that the ministry has also added new features to the “Mazaya” program, on top of providing the existing housing services.

The Minister of Housing and Urban Planning added that the “Tas’heel” program will increase the minimum amount of financing from BHD 19,000 to BHD 40,000, while increasing the cap from BHD 60,000 to BHD 70,000, with no increase in payment deductions, which amount to 25% of the beneficiary’s income. She also stated that the new features of “Mazaya” will increase the beneficiaries’ age cap to 40 years.