‘Mazaya” to benefit many, says Minister

Manama : Housing Minister, Bassim Al-Hamar, asserted that the new edition of social housing scheme (Mazaya), which will take effect in early 2019, will benefit more. 

The minister said that the studies conducted for the development of the programme were based on several factors, most notably the large demand and the waiting lists, especially new applicants representing newly-formed families, noting that 2600 citizens have so far benefited from “Mazaya” financing services.

Launched in line with the directives of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, the new-look edition of the programme aims to increase the number of beneficiaries of social housing services after the success of the scheme launched in
2013. 

Due to be implemented in 2019, the new-look Mazaya Programme will benefit BD500-BD1500 income citizens whose applications are on the housing services waiting lists. 

The Minister also revealed that the age eligibility criteria has been raised from 35 to 50, in accordance with the standards set by the participating banks and the Central Bank of Bahrain. 

On the payment periods, the Minister said that monthly deductions will not exceed 25 per cent of the income of the beneficiary.

Under the new-look Mazaya Programme, eligible citizens also have the choice of using the finance they receive to purchase a housing unit or a land lot or to build a housing unit.