real estate

Oman Housing Bank submits 709 loans worth OMR31.2mn

November 3, 2020

Muscat: Oman Housing Bank (OHB) revealed that the total number of loans supported by the government-approved during the first nine months of 2020 reached 709, with a value of more than OMR31,265 million.

Adnan bin Haider bin Darwish, CEO of Oman Housing Bank assured that the bank continues to play its pioneering role in developing the housing sector in Oman. He also noted that the bank’s management is focusing on enhancing efforts at the current stage to reduce the borrower’s waiting period for his/her role. Moreover, the bank is also working on accelerating the pace of housing loans offered for its customers, who wish to own the right housing with the best banking and administrative service fees currently available in the local market. This contributes to the achievement of the government’s vision led by His Majesty Sultan Haitham bin Tarik which revolve around providing adequate housing for Omani citizens.

In a breakdown of the loans approved during the first nine months of the year 2020 according to the banking and administrative services fee on the loan; the bank indicated that the total loans with 1 per cent reached 58 loans worth OMR2.118 million, while the loans category with a banking and administrative services fees of 2 per cent received the largest percentage of the total number of loans approved reached to 487 loans worth OMR 21.156 million. Whereas the total loans with 3 per cent banking and administrative services fee reached 125 total number of loans worth OMR5,968 million, and total loans with 4 per cent banking and administrative fees reached 39 loans with a total value exceeding OMR2.022 million.

As for the breakdown of loans approved during the first nine months of the year 2020 according to the nine branches. The bank explained that the head office (MCT) branch approved a total number of 145 loans worth OMR6,728 million, while Salalah branch approved 21 loans worth OMR967,000 million, and Sohar branch approved 85 Loans worth OMR3,562 million, whereas Sur branch approved 56 loans worth OMR2,623 million, and Nizwa branch approved 99 loans worth more than OMR4,331 million. While Khasab branch approved 28 loans worth OMR1,404 million, and Al Buraimi branch approved 43 loans worth OMR1,917 million. Whereas Al Rustaq branch approved 189 loans worth more than OMR7.896 million, and finally the Ibra branch approved 43 loans worth a total of more than OMR1,835 million.

OHB is continuously working on finding appropriate solutions to reduce the waiting period for loan applicants to obtain financing and providing banking facilities to national customers according to an appropriate time frame that helps them achieve the dream of owning a suitable home. The maximum housing loan offered by OHB is OMR60,000, and the repayment period is up to 25 years. The bank and administrative fee rate is noncompetitive and the best in the local market.

It is also worth mentioning that OHB was established in 1977 to support the housing and reconstruction movement to achieve economic development in the Sultanate through several ways, including providing loans and banking facilities to individuals, which helps them to own their own houses, and also carrying out housing projects for low and middle income or financing them. Also, another way is establishing real estate projects through construction or finance of residential buildings in the Sultanate. OHB currently has nine branches spread across the Sultanate's governorates.


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