MUSCAT: Oman Housing Bank issued a clarification on raising the amount of the insurance premium for housing loans.
Oman Housing Bank clarified that the increase in the insurance premium for housing loans was made at the request of the insurance company insuring the borrowers’ real estate.
This was the result of the high insurance prices globally and also because of the financial pressures caused by the climatic conditions in the Sultanate in recent years. This has caused the company to pay very large financial compensation.
This is the first time that the company has raised the insurance premium throughout its cooperation with Oman Housing Bank for more than 35 years.