Construction & Real Estate

NBB funds purchase of residential villa at Deerat Al Oyoun

The National Bank of Bahrain (NBB) said it has successfully financed the first beneficiary under the ‘Tas’heel’ finance solutions, enabling them to purchase a residential villa in Deerat Al Oyoun, in conjunction with the Ministry of Housing and Urban Planning and Eskan Bank.
‘Tas’heel’ falls under the latest housing finance programmes recently introduced by the Ministry of Housing and Urban Planning. 
On the key agreement, Minister of Housing and Urban Planning Amna bint Ahmed Al Rumaihi, said: "As part of the ministry’s efforts to achieve the vision of His Majesty King Hamad bin Isa Al Khalifa and in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, we are   keen to enhance the housing services offered to the community by providing innovative housing solutions in collaboration with the private sector."
"The private sector shows great proficiency in supporting and providing housing services for our citizens, which resulted in financing the first beneficiary of the newly-introduced housing finance solutions programme," she added.
Eskan Bank General Manager Dr. Khalid Abdulla said: "Our latest housing initiatives are designed to facilitate and accelerate the process of providing housing solutions to citizens of the kingdom. ‘Tas’heel’ offers a range of social housing financing solutions that aim to support citizens of Bahrain, and help fulfil their diverse housing requirements."
"The ministry of housing and Urban Planning’s latest programme,‘Tas’heel’, which aims to increase beneficiaries across the kingdom, will offer three different financing options - Tas’heel Aqari, Tas’heel Al Bait Al Oud and Tas’heel Ta’awon, and will see new features added to the existing 'Mazaya' programme, as well as a continued offering of existing housing services.
The programme will increase the minimum amount of financing from BHD19,000 to BHD40,000, while increasing the cap from BHD60,000 to BHD70,000. The age cap for 'Mazaya' beneficiaries will also be increased to 40 years of age.
NBB Chief Executive Officer Jean-Christophe Durand said: "We are proud to be the first bank in the kingdom to successfully complete a joint housing loan as part of the newly-launched ‘Tas’heel’ social housing solutions by the Ministry of Housing and Urban Planning"
"We continue to provide innovative products and services to our clients and remain committed to increasing our social loan financing, in line with our ESG strategy," he stated.
NBB Retail Banking (CEO) Subah Abdullatif Al Zayani said: "Following our successful track record in providing Mazaya Scheme and Joint Housing financing solutions, we are more committed than ever to offering social housing financing in collaboration with the Ministry of Housing and Urban Planning."
"With an experienced team that providesinformed advisory services, and a smooth application and approval process, we continue to provide the best-in-class financing solutionsto our customers," he added.