Muscat: Bank Sohar, now in its seventh year of operation in Oman, recently signed a Memorandum of Understanding (MoU) with the Oman Housing Bank (OHB) to provide preferential housing loans to citizens.
As part of Bank Sohar's commitment to the community, the provision of low-interest home loans will provide local citizens with the financing they require to own their dream homes — a move that will assist in the overall economic and social development of the country. The agreement signing ceremony was conducted at the Bank Sohar headquarters in Muscat and was attended by senior members of management from both the banks.
Representing the Bank Sohar at the event were Dr Mohamed Abdulaziz Kalmoor, CEO, R. Narasimhan, DGM of Retail Banking, and other senior members of the retail team. The OHB was represented by Adnan Haider Darwish, general manager, Abdullatif Omar Saleh Al Zidjali, AGM, and other senior members of the management team.
Commenting on the new partnership, Dr Mohamed Abdulaziz Kalmoor said, "Bank Sohar is an Omani bank with strong ties to the community. We pride ourselves for launching innovative products and services that effectively serve the socioeconomic needs of the local population, such as our educational loans.
"This new partnership with the Oman Housing Bank gives us an additional opportunity to play a predominant role in addressing another basic requirement of Omani population — owning their own home."
Preferential home finance
The government has directed the Oman Housing Bank to offer preferential home mortgage finance to Omani nationals at a lower interest rate.
Due to a popular response, many applicants are in the queue for OHB housing mortgage finance. As per the new agreement, Bank Sohar will fund the pending housing loan applications that have been referred to it by the OHB.
The OHB has had a long association with Bank Sohar.
This MoU will further strengthen this relationship and harness the best synergies of both the organisations for the betterment of Omani citizens across the country.
Adnan Haider Darwish added, "The current association of a development bank like the OHB with a reputed commercial bank like Bank Sohar is a win-win situation in addressing the need-based requirements of the clients. Not only will our clients be served faster, they will also get an opportunity to avail a range of products from Bank Sohar."
As a special case to address the salaried low to middle income clients of the OHB, Bank Sohar has structured this product with a decent fixed interest rate as well as other favourable terms.
The headquarters of both the institutions are located in the same vicinity of CBD area, thereby facilitating smoother process of the applications. Besides, Bank Sohar will be entertaining the OHB applicants across its network of 25 branches.
Best possible offers
In addition to the housing loan offered through the OHB, Bank Sohar also offers customers housing finance through the bank's Al Bait Al Mumayaz Home Solutions.
Narasimhan said, "As a part of our strategy, our products are designed to provide the best possible offers and packages to meet the financial needs of the Omani market. We believe that home loans are products with a sentimental value to people and a big step for their future.
"Through our housing loan solution, we look forward to partner with our customers and be an integral part in building their dream home."