BBK offers exclusive Tas'heel and Mazaya Finance to own dream home
Bank of Bahrain and Kuwait (BBK), the leading retail and commercial bank in Bahrain, announced the commencement of registration for eligible customers to apply for the social housing programs Tas'heel and Mazaya, along with New Mazaya. These government-led initiatives, introduced by the Ministry of Housing and Urban Planning in partnership with the private sector, aim to provide social housing solutions for Bahraini citizens, and facilitate homeownership by enabling beneficiaries to apply for financing directly through the Bank, streamlining the process of acquiring residential units.
BBK outlined an array of exclusive benefits for customers applying for Tas'heel or Mazaya financing which include repayment plans of up to 30 years, competitive rates, and fast approvals. Tasheel financing scheme through BBK includes coverage of real estate registration fees for the financed amount, comprehensive life insurance, and inclusion of administrative fees in the financing package. Moreover, The Bank offers an exclusive gift of BD 1,000 to all customers who obtain Tasheel financing, fixed monthly installment payments and a grace period of six months before the first installment is due. Customers may also qualify for a larger financing amount if they opt to increase the deduction rate.
The financing amount for Tasheel can reach up to BD 70,000, enabling customers to purchase their dream house or land, or to buy land and construct a property, with no cap on the property's price. Applicants must be between the ages of 21 and 50 and have a salary ranging from BD 350 to BD 1,200 to be eligible for the financing. Moreover, BBK offers both Mazaya and Tasheel financing schemes, the option for its customers, to avail up to 115% of the value of the property as a loan.
Mr. Ahmed Taqi, General Manager of Retail Banking at BBK, emphasized the Bank's commitment to enhancing the efficiency and accessibility of housing services for citizens, facilitating their journey to own their dream homes or land with exclusive benefits. This is achieved through BBK's partnership with the Ministry of Housing and Urban Planning and in collaboration with leading real estate development companies, providing customers with diverse property options.
'We take pride in our exceptional housing financing solutions, which reflect our ongoing efforts to strengthen collaboration with the real estate and housing sectors across the Kingdom,' Mr. Taqi stated. 'BBK is delighted to offer this solution, supported by a suite of competitive advantages, as part of our continued collaboration with the Ministry of Housing and Urban Planning and Eskan Bank. This partnership has significantly enhanced the ability of Bahraini families to benefit from the financing solutions we've developed, aligning with the comprehensive development goals and Bahrain's Economic Vision 2030.'
Mr. Taqi urged all eligible beneficiaries to take advantage of Tas'heel or Mazaya financing through BBK, whether for new or additional financing, and highlighted the bank's streamlined application process, designed to ensure a smooth and swift experience, supported by a dedicated advisory team providing professional assistance throughout the process.
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