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Bank Nizwa launches home finance

Published: 27/02/2013 05:26:34 PM GMT
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With the Bank Nizwa 'home-finance solution' customers can choose from a wide range of solutions, including developed property and home-loan buy (more)

With the Bank Nizwa 'home-finance solution' customers can choose from a wide range of solutions, including developed property and home-loan buyouts which offer customers the freedom to transfer home loans from their current mortgage lender. The bank is also planning to launch home construction finance in the near future.

Customers have been promised speedy processing and approval times together with transparent prices and charges.

Addressing a press conference at Bank Nizwa 's head office on Tuesday, Tariq al Farsi, general manager of retail and private banking at Bank Nizwa , said, "We know that a home is one of the most important assets a person can own and the decision to buy or build that home is one that is not to be taken lightly."

Farsi said that as per CBO regulation, up to 80 per cent of the property value can be financed. Bank Nizwa 's home-finance solution can provide financing of up to RO450,000 with a repayment period extending to 25 years to persons with a minimum salary of RO400 per month.

Bank Nizwa had recently launched auto-finance and personal-finance solutions.

Dr Jamil el Jaroudi, CEO of Bank Nizwa , said that with a large proportion of Oman's population in the under-25 age bracket, there is going to be a huge demand for home ownership in this segment in the next few years.He said, "It is thus critical for us as a bank to be able to offer the most comprehensive finance packages for this segment. We have assessed the needs of the market and listened closely to our customers to provide a viable home-finance solution. We have taken a much focused approach to our latest solution by having a good understanding of our customer base as well as acknowledging the need for prudent financial practices."

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