New financing schemes for homes announced in Bahrain

New financing schemes for homes announced in Bahrain

Bahrain - New financing schemes for government housing were announced yesterday and they include raising the loan ceiling to a maximum of BD70,000 while also increasing the age of beneficiaries from the current 35 to 40.

Submission of new requests for government housing commenced yesterday as part of the new financing programme, which also includes the option of raising the deduction ceiling to up to 35 per cent of the salary.

Around 500 more citizens are set to benefit this year from additional options added to the Mazaya Financing Scheme, it has emerged.

Details of the progamme – Tas’heel – were announced yesterday by the Housing and Urban Planning Ministry and Eskan Bank during a conference held at the Isa Cultural Centre, Juffair.

According to Housing and Urban Planning Minister Amna Al Romaihi, the initiatives aim to formulate innovative solutions in partnership with the private sector to accelerate the pace of achievement.

“We have achieved significant strides in the field through initiatives carried out in collaboration with the private sector over the past years,” she said.

“There are three different programmes under Tas’heel to finance the construction and purchase of land or property.

“One of the major benefits of this programme is that the minimum amount of