Housing dream gets real

Manama : More families in Bahrain will now be able to realise their dreams of owning their own house, thanks to Mazaya, the social housing scheme designed by the Ministry of Housing. 

On every Thursdays, from 8:00 am to 2:00 pm, citizens could now meet developers, financial institutions and representatives from the Housing Ministry at an exhibition held at the Diplomatic area to obtain financing from a participating bank to purchase a house.

“The idea is to assist those who are listed on the Housing waiting lists to purchase a unit,” a Ministry of Housing Representative told DT News. 

The programme, the ministry representative said, is designed in such a way that the beneficiary will have to pay only 25% of his/her monthly income as monthly instalments.

The remaining amount, equivalent to the difference between the monthly instalment paid by the beneficiary and the amount required by the participating bank, will be taken care of by the government, explained the ministry representative. 

The programme, introduced by the Ministry of Housing in collaboration with the private sector for citizens, runs until the last week of December 2017.

Eligibility  criteria 

8The beneficiary must be a Bahraini citizen.

8The beneficiary must be the head of the family.

8The beneficiary must have a monthly income of at least BD600 and not more than BD1200 at the time of application for the programme

8The beneficiary age should be at least 21 years and not older than 35 years old at the time of application for the programme.

8The beneficiary and his family must be a permanent resident in Bahrain.

Documents required

8The beneficiary’s salary certificate.

8Three months bank statement.

8A copy of beneficiary’s smart card. (Courtesy: Ministry of Housing)

Maximum loan amount

The maximum loan amount that can be provided under the Programme is BD90,000. The beneficiary has to contribute 10% of the loan amount as a down payment to the participating bank, such that the value of the loan outstanding does not exceed BD 81,000.