Mazaya Program

Financing from a partner bank where monthly installments are subsidized by the government

One of the initiatives proposed by the Ministry of Housing and Urban Planning in collaboration with the private sector is aimed at providing social housing for citizens who are on waiting lists. The program's concept revolves around eligible citizens purchasing a housing unit through financing obtained from participating banks. The government provides financial support to the citizen, which entails covering the difference between the actual installment value of the specified financing amount determined by the funding bank and the monthly installment amount due from the citizen, not exceeding 25% of the citizen's salary. Citizens have the freedom to choose their housing unit, considering factors such as location, area, or unit components. This choice can be made from projects by real estate development companies approved by the ministry or other units that meet the ministry's technical specifications.

Eligibility Criteria

Age

21 - 35

Monthly Income

1,200 - 600

Subject to terms and conditions as per the housing regulations

Maximum Government Subsidy Amount

BD 81000

USE OF FINANCING

Purchase a ready to live home valued up tp 120,000

TERMS

The beneficiary installment is 25% of monthly income

The government subsidy is the difference between the total monthly installment and the 25% of the beneficiary's income percentage

The government subsidy decreases biannually based on the increase in beneficiary's monthly income

Repayment term up to 25 years

Housing Criteria

The applicant can choose an individual housing unit or from the approved list of housing units constructed by accredited real estate developers. The chosen housing unit must meet the following criteria:

It can be a standalone, semi-detached, attached, or apartment-style housing unit.

The housing unit must be suitable for habitation for the next 25 years, as estimated by experts.

The construction of the housing unit must comply with the regulatory requirements for urban development in various areas of the Kingdom of Bahrain.

The housing unit must be habitable from the date of purchase, with necessary utilities including electricity, water, and sewage facilities.

The price of the housing unit must not exceed the value specified by the program, which is 120,000 Bahraini Dinars, unless the management approves a higher value for the unit. In such cases, the beneficiary must take responsibility for paying the difference between the program's specified value and the actual unit value directly to the funding bank.