Oman fully known as sultanate of Oman its located in the neighborhood of Saudi Arabia, Qatar, Bahrain and UAE.
It is also rich in oil production and now days in addition to Saudi people are also rushing to Oman for study purpose also and working also.
In gulf countries most of the population is of expats because the nationals of Arabian countries are rich enough and they refuse to do work so in order to perform jobs and run factories foreign workers are the required.
So its a golden chance for expats from all over the world to do jobs there and to run their families because in middle east countries their is a big problem of unemployment, poverty and inflation due to which most of the people are in a condition that they wants escape from the country due to this bad condition.
Now if you are in a state if traveling to Oman than its your luck. When you reach sultanate of Oman you are welcomed on airport because the people of Oman are really hospitable.
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Housing loans for expats in Oman
If you are a resident of Oman living in a house on rent and you find it difficult to pay rent every month and the rents are increasing day by day.
The solution of this problem is that you should buy a home for you. As it is obvious that properties in Oman are very expensive and common man can not even think of buying a home.
There is also a solution of this problem that is in the form of housing loan system in which the go government of Oman will give you loan which you can use to buy home and own a home.
Purchasing home in Oman
To purchase a home for your self for the first time is not a good experience because it requires a great amount of money. If you are already owning a car then it is your luck.
Oman’s Al Manzel home loans
But those who are not owning a home than you should not be tensed or up set because you can get the opportunity of owning a home with the help of National bank of Oman’s Al Manzel home loans.
The loans of this scheme are available for expats until the end of their residence in Oman. With the help of loan once the loan is approved than you can UAE to buy a home for you or you can buy just land on which you will construct home and you can also buy an old home which you can furnish for your selves.
Al Manzel home loans not only helps you to buy a home and makes your dream come true but it has also unbeatable benefits these benefits includes that it have made it the leading home loan provider in Oman.
Benefits of Al Manzel home loans
There we are describing some advantages of home loans in Oman.Sultanate of Oman has started this housing loan system to serve that expats for making their dreams come true.
It help in the Purchase of residential plots.
It covers the Purchase of ready made residential properties.
Al manzel home loans also covers the expense of Construction or maintenance of residential properties.
It also leads the Buyout of housing loans from other banks or employers.
It also provides purchase of properties within bank-approved integrated tourism projects and developments.
• This type of home loans ties up you with top marketing and leading developers of real estate.
• It also provides longer payment periods that is approximately for 25 years.
• Al Manzel mortgage system provides door step and quick service.
• It can also allow you to take loan on a partner base but the rule is that the partner should be your first degree relative.
• There is no rule for pre payment but penalties are applied when your installment is late from the due date.
Eligibility for home loan
The government of Oman has made it easier for every Omani national to get loan but the fact is that the Omani national should be on the approved list of national banks. The home loan is approved for every omani citizen who’s salary is of OMR 300 and above per month.
How to apply for home loan in Oman
Now when all the thing are cleared then you should know that how you can apply for the Oman house loans and which document are required.
In order to complete the home loan process you are required to visit a near by national oman bank with some of essential document that are listed below:
- • loan application form is required.
- • The latest certificate or slip of your salary is needed.
- • A copy of you national I’d card.
- • Colored passport photos are required that should be recently caught.
- • If you are having some amount that you want pay at the start of loan than it is also required.
- • A valuation report from an approved valuator is needed.
- • Copies of Mulkia or iqama are needed.
These document are required for each type of loans but their are some additional documents that are needed differently for different type of insurance.Let’s have a look at these documents:
1- Loan payment
• A liability certificate in the name of applicants approved from all Banks is required.
• A copy of completion certificate is needed.
2- House purchase loans:
• If you are planning to buy a home than a valid passport and I’d of the seller is must.
• A copy of construction completion certificate is needed that all the construction is completed.
• A sale contract should be signed between the borrower and seller which will be an evident.
Loan is approved for the residents who are above 25 years and the loan should be returned by the age of 50 or 60 years.
Fees and charges
• The processing fee for loan is OMR 50.
• The mortgage creation fee of 0.5% Should be paid to the ministry of housing by the customers.
• If the loan is taken by another bank than you are required to pay 1% of the loan at approval of loan.
That was all that we can share with you about home loans in Oman so you should go through this article and buy a beautiful and comfortable home for you.Mat Allah make your dream come true of owing a home in the Sultanate of Oman.