MUSCAT: National Bank of Oman (NBO) announced on Wednesday that it has entered into an agreement to offer mortgages on 16 villas currently being built in the Bausher Heights development in Muscat. As per the mortgage lender agreement with developer Sayyid Hamed Al Busaidi, NBO will offer tailored loan packages for customers looking to secure a new residential unit in the integrated tourism development. NBO’s mortgage facilities are offered up to 80 per cent of a property’s purchase value and for terms of up to 25 years.
Commenting on the partnership, John Chang, General Manager and Chief Retail Banking Officer of National Bank of Oman, said: “Our tie-up with the Bausher Heights development not only reinforces our reputation as the preferred Bank for mortgages, but also our commitment to making the dream of home ownership a reality for people in Oman. This partnership also reinforces our commitment to support the local residential market, which over the years has emerged as an attractive investment destination both regionally and internationally.”
The agreement was signed by John Chang and Sayyid Hamed Hilal Saud Al Busaidi, at a special signing ceremony held at NBO’s Head Office. NBO supports residential real estate end-users through its suite of Al Manzel home loan products, which has tie-ups with leading developers and real estate marketing agencies. Loans up to a maximum of 60 per cent of the Debt Burden Ratio can be availed to finance the purchase of ready residential properties and plots, to build new homes, refurbish existing properties, and refinance existing loans. Customers benefit from application processing times of as little as seven days.
