Khaleeji Commercial Bank (KHCB), one of Bahrain's leading banks, has signed a memorandum of understanding (MoU) with Naseej, a real estate solutions provider, to provide home financing credit facilities for an affordable housing project.

This deal with offers property finance solutions for buyers of units in Al Madina Al Shamaliya, reported the Gulf Daily News (GDN), our sister publication.

The MoU was signed by Naseej managing director Mohammed Khalil Alsayed and KHCB chief executive Khalil Ismail Al Meer.

The project, launched this year, forms part of Bahrain's ground-breaking social and affordable housing public-private-partnership (PPP) between the Housing Ministry and Naseej, valued at more than $450 million and involving the development of 2,800 social and affordable homes for Bahraini citizens at Al Madina Al Shamaliya and Al Luwzi.

The PPP is a first for the kingdom and also the first of its kind in the GCC. Naseej is offering 367 villas and apartments for sale in Al Madina Al Shamaliya.

"We are pleased to have partnered with KHCB which essentially marks an important milestone for our project making it more accessible to a larger number of buyers easing the financing burden whereby they can benefit from financing packages to suit their preferences," Alsayed said.

"This partnership with the ministry continues to produce successes as 40 per cent of the villas on Al Madina Al Shamaliya have already been reserved. Most of these reservations are made by housing applicants marking an important milestone in the delivery of homes for all Bahrainis."

"It gives us great pleasure to collaborate with Naseej for providing property financing solutions for units in Al Madina Al Shamaliya. We encourage potential buyers who are interested in applying for financing loans to contact any of KHCB's branches in Bahrain. We are certain that our clients will find the process of availing property finance is a very smooth and uncomplicated procedure," Al Meer said.

Naseej earlier announced that the project was open for all Bahrainis to purchase their home and enjoy the exceptional value being offered as the villas start from BD96,000 ($253,000) and flats from BD44,800 and all properties enjoy a beach setting.

Under the terms of the PPP agreement, it complements the first tier for ministry applicants and the second tier for Bahraini families with a total household income of BD2,000 or less, and from now onwards it is open to all Bahrainis. – TradeArabia News Service