Muscat: Bank Muscat, Oman's largest bank, and Alargan Towell Investment Company signed a memorandum of understanding (MoU) to provide attractive baituna housing finance for Al Waha residential units in the wilayat of Barka. AbdulRazak Ali Issa, Chief Executive, and Hussain Jawad, Chairman of Alargan Towell, signed the MoU at the bank's head office.
"The real estate sector is a major component of the national economy and Bank Muscat is committed to extending all possible support to achieve the objective of a 'home for every family,' thereby contributing to the revitalisation of the real estate sector and enhancing its role in the national economy. baituna home finance is aimed at offering citizens and residents easy access to mortgage finance," said AbdulRazak Ali Issa.
"The objective of Alargan Towell is to provide quality homes at affordable prices. We are happy to join hands with Bank Muscat in extending attractive home deals for Omanis. The synergy between the two institutions will benefit citizens across Oman to fulfill their dream homes," noted Hussain Jawad.
Alargan Towell is one of the leading property development companies offering affordable housing in Oman. Targetted at Omanis, Al Waha comprises 112 villa units, located approximately 30-minute drive from Muscat International Airport. The project developed as part of urban development in Barka, offers a wide range of residential options within a parkland setting with community facilities, including schools.
baituna home finance is among the lowest interest rate with the maximum loan tenure of up to 25 years for Omani customers. With extended loan tenure and the lowest interest rate, Bank Muscat offers the best home loan deals in the Sultanate. Citizens and residents can also benefit from easy and convenient loan approval across the bank's 136 branches in the Sultanate of Oman.
baituna home loans are designed mainly to help families to lay the foundation of their dream homes. baituna offers the most convenient home loan plans to suit everyone's needs with simplified documentation, flexible repayment options, insurance coverage and processing across the bank's network of 136 branches. All the leading property developers are associated with the bank, hence baituna facilitates access to prime residential projects in Oman.
The residential segment in the Sultanate of Oman assumes importance in light of the growth in population as well as the buoyant economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination.