Tuesday, August 11, 2020

Al Salam Bank-Bahrain offers Mazaya mortgages with low down payments from BD500

Al Salam Bank-Bahrain, the pioneering Shari’a compliant bank in the Kingdom of Bahrain, reaffirmed its commitment to helping customers realize their homeownership dreams. As a participant in the Ministry of Housing’s Mazaya Social Housing Scheme, the Bank offers attractive financing terms, including down payments starting from just BD500 and tenors of up to 25 years.

Mr. Mohammed Buhijji, Head of Retail Banking, said: “As a socially responsible Bank, we are pleased to support initiatives such as the Mazaya Social Housing Scheme, which directly benefit Bahraini citizens and their families. Through this program, which brings the public and private sectors together to achieve a shared goal, we have been able to significantly reduce the time it takes for Bahrainis to purchase the homes they deserve. With the number of Mazaya applicants growing steadily each year, we remain committed to offering beneficiaries a range of financing solutions that meet their needs.”

The Mazaya program provides easier access to mortgages and enables Bahrainis on the housing waiting list to buy directly from an approved list of projects. Under the program, eligible applicants can obtain mortgages with repayments capped at 25 per cent of their income. To be eligible for Mazaya financing, applicants must be salaried Bahrainis with an approved employer and have a valid Mazaya eligibility letter. Al Salam Bank-Bahrain supports beneficiaries with property values of up to BHD 120,000, offering Mazaya financing of up to BHD 81,000 and top-up financing of up to BHD 38,500.

Interested parties can apply at any Al Salam Bank-Bahrain branch or at Al Salam Express Center in the Seef area where a dedicated Mazaya sales team is ready to assist customers with the transaction. Customers can receive the approval on the same day provided they meet the eligibility requirements.

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