(MENAFN- Muscat Daily) bank muscat on Sunday signed an agreement with Oman Housing Bank (OHB) to provide baituna home finance to OHB clients.
The facility, aimed at providing low-interest home finance to more citizens, comes as part of bank muscat's commitment to a ‘home for every family' and the development of the country, a press release said.
H E Darwish al Balushi, Minister Responsible for Financial Affairs and chairman of OHB, and AbdulRazak Ali Issa, chief executive of bank muscat, signed the agreement at the minister's office.
The Ministry of Finance has assigned OHB to offer home finance to Omanis at a lower interest rate. As per the new agreement, bank muscat will offer special baituna home finance to nationals referred by OHB.
The maximum loan amount will be RO60,000, with a maximum tenure of 25 years. The facility enables OHB clients to avail baituna finance within an ideal time frame.
H E Balushi expressed satisfaction with the agreement, saying that the facility reflected the contribution of the banking sector to housing development in the country aimed at facilitating a decent life for citizens across the sultanate through the provision of affordable home finance. ''baituna home finance will help clear several loan requests pending with OHB and also generate interest to take advantage of home finance backed by the government. OHB seeks to find solutions to reduce the waiting period for home finance and the signing of the agreement with bank muscat comes in this context.''<
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