Oman-based Arabian Properties has signed a deal with Bank Muscat to secure a key home finance package for its Retaj Al Qurum project in the sultanate.

Retaj Al Qurum comprises 48 sophisticated apartments and is expected to be handed over by December this year, reported the Oman Observer.

The Baituna home finance facilitates purchase and construction of new homes as well as land for residential use. Besides, mortgage finance is also offered to Omanis, GCC nationals and expatriates, it stated.

The attractive features of baituna home finance include low interest rates with a maximum loan tenure up to 25 years for Omani customers.

"The real estate sector is a major component of the national economy and Bank Muscat is committed to extending all possible support to achieve the objective of a ‘home for every family’, especially youth," remarked Abdullah Tamman Al Mashani, the deputy general manager - institutional sales and products development, after signing the deal with Ahmed bin Haider Al Haj Jawad, the managing director of Arabian Properties.

Baituna home finance is designed to help families fulfil their dream homes, offering convenient mortgage plans to suit everyone’s needs with simplified documentation, flexible repayment options, insurance coverage and processing across the bank’s extensive network of branches, said Al Mashani.

It facilitates purchase and construction of new homes as well as land for residential use. Mortgage finance is offered to Omani nationals, GCC nationals and expatriates, he added.