The Mazaya Housing Loan Program is a unique program that provides housing loans to qualified Bahrainis. It offers financial assistance to those looking to buy their first home or to upgrade or expand their current home.
This program provides competitive interest rates and flexible repayment options, allowing Bahraini nationals to easily purchase or build their dream homes while staying within their financial means. In this scheme, you receive government-subsidized monthly payments from a local partner bank.
How much financial support can you get from a Mazaya loan?
A qualified Mazaya-listed bank can provide you with up to BHD81,000 in financing. You can cover the remaining amount, if any, through savings or by requesting an additional loan from the bank. This loan is not eligible for monthly government subsidies.
Types of Mazaya Loans
There are two types of Mazaya loans. The first type of Mazaya loan is buying a ready-to-move-in home worth up to BHD 120,000. The second type also allows you to buy and build your land. There is no cap on the amount you can borrow with this type of Mazaya, however, the subsidized loan amount is limited to BHD 63,000.
Are Mazaya Loans Only Available for Housing Projects?
If you have your eyes on a better view, the Mazaya program can also cover apartments.
What are the eligibility criteria for Mazaya Loans?
Mazaya loans are great because they encourage Bahraini citizens who want to buy or build their ideal home a jump start. Therefore, before any of you decide to apply, you must familiarize yourself with the prerequisites.
Only married Bahraini couples between the ages of 21 and 35 are eligible for the Mazaya loan. When applying for a mortgage and receiving it, the applicant’s salary must be between BHD 600 and BHD 1200.
It is also necessary that you or your family member have not previously received any government housing support services. Except for ownership of a property with an area of less than 100 square meters and the wife’s possession of a property acquired by inheritance, you or your family member must not own any property at the time of applying and up to three years before the date of submission.
The last criterion is that your family members must be Bahraini permanent residents.
Both the current and new Mazaya loan categories have identical eligibility requirements, apart from the one that the new Mazaya loan has an age limit of 40 rather than 35.
What banks are qualified to provide you with a Mazayan Loan?
There is a list of local banks that are certified to provide you with a Mazayan loan:
- National Bank of Bahrain
- Bahrain Islamic Bank
- Al Salam Bank
- Kuwait Finance House
- Khaleeji Commercial Bank
- Bank of Bahrain and Kuwait
- Ahli United Bank
- Al Baraka Islamic Bank
Before you start the application process for a Mazaya loan, check with local banks to see if you qualify for one in the first place.
How Can You Apply for a Mazaya Loan?
Here is a step-by-step process of how you can get financial support for a Ready-to-Live-In Home:
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Select the housing unit of your choice.
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Get a prequalification certificate from the Ministry of Housing.
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Choose a bank that qualifies you for a loan, and apply for financing.
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Get back to the Ministry of Housing and confirm that the bank will provide you with the loan.
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Receive a Housing Unit Certificate and Financial Support Certificate.
Once you have completed the process, you will be ready to live in your dream house or apartment and start a new prosperous chapter in life.
Daleel Takeaways:
- Opt for the right Mazaya category loan that suits your needs to bring your dream house into a reality.
- Make sure you possess all the required certificates to get your loan processed as soon as possible.
- You can also choose an apartment instead of a house if you prefer city or beach views.
