Three-pronged plan for housing finance

A three-pronged plan has been unveiled to deal with pending housing applications which dated back to the year 2004 and before.

Housing and Urban Planning Minister Amna Al Romaihi announced a roadmap in implementation of the order of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, allocating an additional budget for financing solutions and alternative options for those who have applied for housing units in 2004 and before.

“The plan provides diverse and flexible alternatives to fast-track housing services for applicants from low-income households,” she said.

Citizens from this social category will have the option to apply for a BD40,000 land plot to be funded through ‘Tasheel’ Financing Through Partner Banks.

Applicants benefiting from the package will continue receiving housing allowances for two years from the date of entitlement.

Under the second option, applicants will be provided flats along with a BD3,000 financial grant, in addition to a two-year exemption from maintenance fees for common areas.

Applicants will have the option of benefiting from a financial grant up to BD70,000 through ‘Tasheel’.

Beneficiaries who opt for this third option will also be entitled to receive a BD10,000 financial grant.

The third option is to grant the beneficiaries the maximum amount of financing for the ‘Facilitation’ programme, which is estimated at BD70,000, supported by a grant of BD10,000.

“The first and second options have been tailored to benefit citizens whose monthly income does not exceed BD900,” said the minister.

The third alternative targets mainly citizens whose monthly income range from BD900 to BD1,500.

Source: https://www.gdnonline.com/Details/1287794/Three-pronged-plan-for-housing-finance