Manama: Ithmaar Bank, a Bahrain-based Islamic retail bank, announced the launch of special financing offers for villas at the Deerat Al Oyoun development in Diyar Al Muharraq.
The special financing offers are designed exclusively for beneficiaries of the Mazaya programme, the Kingdom of Bahrain’s social housing scheme that aims to help eligible nationals buy their first homes.
The Deerat Al Oyoun development in Diyar Al Muharraq, includes 515 new villas that were developed in collaboration with the Ministry of Housing and Eskan Bank specifically for beneficiaries of the Mazaya programme.
The Deerat Al Oyoun development covers a total land area of 1.2 million square meters and includes more than 3,000 housing units in total, including 515 villas specifically developed for the Mazaya programme. The development connects beautifully designed properties with a state-of-the-art infrastructure, offering residents fast and easy access to a wide range of amenities and attractions, from community facilities to world-class retailers, top schools and lots of beautiful outdoor spaces.
“Deerat Al Oyoun is a housing development designed to allow Bahraini families to settle in an ideal environment by providing affordable, high-quality housing opportunities at reasonable prices,” Abdul Hakeem Al Mutawa.
Ithmaar Bank Deputy Chief Executive Officer, Banking Group, said.
“The Kingdom of Bahrain’s Mazaya programme brings together the public and private sector to help citizens overcome the financial challenges buying their first home. As part of this programme, Bahraini citizens are offered government-subsidised financing through Ithmaar Bank to help them buy their first homes,” he said.
“Ithmaar Bank customers who are interested in purchasing Deerat Al Oyoun villas will benefit from financing solutions that are compatible with the provisions of the Islamic Sharia,” said Al Mutawa. “The special financing offers specifically we introduced for this development include the option of repayment over a period of up to 25 years with no down payments or evaluation fees. Additionally, customers will be able to obtain personal finance to be paid over 15 years, with an optional grace period of up to six months, as well as free Home Protect Takaful Insurance protection cover,” he said.
“As a pioneering Islamic retail bank, Ithmaar Bank recognises the important role it must play in the local community,” he said. “The scheme effectively allows housing applicants to purchase residential units immediately from the private sector without having to stay on the housing services waiting list,” he said.
