Muscat – Responding to queries from Majlis A’Shura members at the ongoing session, His Excellency Dr. Al Shuaili stated that the decision to review the programme and explore its transfer was made during a Cabinet meeting, with coordination underway between the Ministry of Finance, Oman Housing Bank, and the Ministry of Housing and Urban Planning. He confirmed that a number of proposals are currently being considered as part of the review process.

He further explained that the Ministry had stopped issuing loans in 2015, leaving some individuals without alternatives, especially those not eligible for housing assistance.
His Excellency stressed that the ministry does not function as a lending institution, adding that the empowerment of Oman Housing Bank has already led to increased financing, with total contributions now reaching around RO 600 million.

The Minister also outlined key challenges associated with the transfer. These include limited borrowing options for citizens aged 50 to 59 due to salary constraints, and those over 60 years old with fixed incomes of around RO 450, noting that there are 1,600 such cases requiring direct support. Another segment facing difficulty includes applicants with financial obligations exceeding 60 percent of their income.

The Minister underscored the ongoing discussions with the Oman Housing Bank to establish a framework for real estate financing that can effectively address these challenges. He noted that the hurdles also encompass broader economic and societal factors that need to be taken into account.