MUSCAT : The borrowing and lending of money is a crucial facilitator of economic activities within every economy. In line with the bank’s aim of strengthening Oman’s National Economy and its vision ‘To serve you better, everyday’, Bank Muscat has been steadily expanding its finance portfolio across different segments over the years as it seeks to improve financial inclusion to different segments of society. The bank aims to support the needs and aspirations of people in society in order to enjoy financial stability and a good quality of living.
Baituna home finance
Baituna home finance makes the dream of owning one’s home come true. The attractive features of Baituna include competitive interest rates starting at 5.75% and a tenor up to 25 years. Customers can obtain easy and convenient credit approval across the Sultanate at any of the dedicated Baituna Sales Centres at Qurm, Ma’abela, Nizwa, Salalah, Barka, Sur, Saham, Sohar, Ibri, Buraimi and Ibra or at the bank’s retail banking branches. Baituna is available for salaried government employees (Omani) with a minimum salary of OMR 250 and for up to 25 years, while employees of Tier 1 private sector companies (Omani) with a minimum salary of OMR 500 are eligible for home financing for up to 25 years. Financing up to OMR 500,000 is available through Baituna subject to customers fulfilling all the relevant criteria.
In 2019, Bank Muscat in association with the International Finance Corporation (IFC) launched Oman’s first Green Finance scheme for environment-friendly homes becoming the first and only bank in Oman to launch a financing scheme that facilitates environmental-friendly initiatives. The installation of solar panels is done through the Sahim renewable energy project of the Authority for Public Services Regulation and financing ranging from OMR 1,000 to OMR 25,000 are given to eligible individuals for up to 5 years at highly competitive interest rates. Documents required are minimal with only the customer’s ID card, salary assignment letter, project cost quotation and regulatory approval and tri-party agreement signed by the customer, the vendor and Bank Muscat being needed. The bank has been greatly encouraged by the response from its customers applying for this ‘first of its kind’ financing in Oman.
Personal Financing options are available for Omani nationals at very competitive rates. Customers with a minimum salary of OMR 250 can apply for personal finance at any branch of the bank by only providing their salary assignment letter and the ID card. Financing up to OMR 200,000 is available based on the eligibility of the customer. With excellent interest rates, fast processing times and quick disbursals, personal financing products are popular amongst the bank’s customers.
Speaking about the bank’s wide range of financing options, Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development, Bank Muscat, said: “With excellent well recognised financial expertise, Bank Muscat has always been a pillar that supports the country’s needs. It seeks to cater to the needs of different retail banking customer segments. In line with its commitment to national development and priorities including partnering the government in its role of providing a high standard of living for the people of Oman, the bank offers financing at highly competitive interest rates and flexible repayment options in keeping with the needs of its customers. Hence, it has launched many products and services in this regard and continues to develop new ones in response to customer feedback.”
Please go to https://www.bankmuscat.com/en/loans/Pages/default.aspx for more details about Bank Muscat’s financing facilities for different customer segments.