BizBahrain Magazine Sep-Oct 2019_compressed

Real Estate
Mazaya
mortgages
with low down
payments
Al Salam Bank-
Bahrain reaffirmed its
commitment to helping
customers realize their
homeownership dreams. As
a participant in the Ministry
of Housing’s Mazaya Social
Housing Scheme, the Bank
offers attractive financing
terms, including down
payments starting from just
BD500 and tenors of up to 25
years.
Mohammed Buhijji, Head
of Retail Banking said, “As
a socially responsible Bank,
we are pleased to support
initiatives such as the Mazaya
Social Housing Scheme, which
directly benefit Bahraini
citizens and their families.
Through this program, which
brings the public and private
sectors together to achieve
a shared goal, we have been
able to significantly reduce
the time it takes for Bahrainis
to purchase the homes they
deserve. With the number of
Mazaya applicants growing
steadily each year, we
remain committed to offering
beneficiaries a range of
financing solutions that meet
their needs.”
The Mazaya program
provides easier access to
mortgages and enables
Bahrainis on the housing
waiting list to buy directly
from an approved list of
projects. Under the program,
eligible applicants can obtain
mortgages with repayments
capped at 25% of their income.
To be eligible for Mazaya
financing, applicants must
be salaried Bahrainis with
an approved employer and
have a valid Mazaya eligibility
letter. Al Salam Bank-Bahrain
supports beneficiaries with
property values of up to BHD
120,000, offering Mazaya
financing of up to BHD 81,000
and top-up financing of up to
BHD 38,500.
Interested parties can
apply at any Al Salam Bank-
Bahrain branch or at Al
Salam Express Center in the
Seef area where a dedicated
Mazaya sales team is ready
to assist customers with the
transaction. Customers can
receive the approval on the
same day provided they meet
the eligibility requirements.
Mortgage
financing for
Burj Kadi project
Kadi Group signed MoU
with BBK, commencing
a strategic partnership
agreement, through which
BBK will provide mortgage
financing to the customers of
the Burj Kadi project.
A Real-Estate
development and services
company based in Bahrain,
Kadi Group has been
successful in providing a wide
range of services including
property management where
they offer quality properties
suited for investments
and attractive residential
solutions. Under the terms
of the agreement, customers
of the Burj Kadi project who
require funding in the form
of mortgage loans will be
advised to consider BBK as
the end user funding partner.
Sharif Adnan Yousuf, Kadi
Group’s Executive Director
said, “We are delighted to
initiate this partnership
with a reputable bank such
as BBK which will provide
our customers with the
convenience they need in
this modern day and age. Our
main goal is to provide the
best residential solutions at
affordable prices for those
who wish to own a property at
the Burj Kadi project.
Dr. Adel Salem, BBK’s
Assistant General Manager of
the Retail Banking Division
said, “Kadi Group, a leading
real-estate development
and services company in
Bahrain which has been
offering attractive residential
solutions which our
customers can benefit from.
In return, customers from
all nationalities residing in
the GCC who wish to own
a property in the Burj Kadi
project will enjoy excellent
repayment structures at
competitive interest rates and
loan terms from BBK.
Customers who are
interested to own a residential
property in the Burj Kadi
project are welcome to apply
for a mortgage loan with BBK.
Consumer
financing for
Golden Gate
Golden Gate collaborated
with Kuwait Finance
House, to provide off- plan
consumer financing for its
freehold residential tower at
Bahrain Bay.
The Project situated in the
heart of Bahrain Bay consists
of two towers containing
746 luxurious apartments;
and it is set to have the
highest residential tower
in the Kingdom of Bahrain.
It features residential,
commercial, retail, tourism,
and public amenities, all
cooled from an innovative
and environmentally sound
central facility.
Khalifa Ahmed AlQoud,
Head of Signature Segment
at Golden Gate, said, “Golden
Gate is considered the first
international joint venture
partnership between Kooheji
Golden Gate and India’s
Ajmera Realty and Mayfair
Housing, and we are proud to
be in partnership with Kuwait
Finance House - Bahrain, one
of the leading establishments
in the region with a longstanding
history of innovation
and professionalism. Golden
Gate is set to become a
leading landmark in the
region and create value to
owners and residents, as well
as being a means of attracting
foreign investments to
Bahrain.”
Khalid Marrafi, Executive
Manager and Head of
Retail Banking Group at
KFH-Bahrain, said, “Our
collaboration with Golden
Gate comes in line with the
Bank’s efforts to provide
suitable financing for our
customers who wish to own
their dream apartments,
in addition to supporting
future real estate projects in
the Kingdom of Bahrain. We
look forward to continue this
approach and expand our
partners' base in the future.”
September-October 2019
43