Omani Bank Muscat has reduced its “Baituna” home finance offering, providing the lowest interest rate of 4.75 per cent to citizens and residents.
The bank announced a series of policy changes, reducing home loan interest rates to a range between 4.75 per cent and seven per cent and increasing the maximum loan tenure for Omanis from 25 years to 30 years. For expatriates, the maximum loan tenure has been increased from 20 years to 25 years.
Sadiq al Zaabi, head of product and service management, said, “With the extended loan tenure and the lowest interest rate of 4.75 per cent, Bank Muscat offers the best home loan deals in the sultanate as part of its commitment to provide a ‘home for every family.’
“Citizens and residents can also benefit from easy and convenient loan approval process, waiver on credit card annual fees and comprehensive insurance coverage. The Baituna loan can be processed in any of the bank’s 131 branches across the sultanate.”
“All leading property developers are associated with the bank, hence Baituna facilitates access to prime residential projects in Oman.” The residential segment in Oman assumes importance in light of the growth in population as well as the buoyant economy.
The deregulation granting property ownership rights to GCC nationals and expatriates has also made Oman an investment destination, Muscat Daily reported.