New Mazaya Program
New Mazaya Program
Financing from a partner bank where monthly installments are subsidized by the
government
ELIGIBILITY
Age
21 - 40
Monthly Income
1,200 - 600
Subject to terms and conditions as per the housing regulations
USE OF FINANCING
Purchase a housing unit
Purchase a land plot
Purchase a land plot and construct on it
Construct a housing unit
Eligibility age up to 40 years
Repayment term 25% - 30% based on age
Repayment term up to 60 years
TERMS
The beneficiary installment is 25% - 30% of monthly income based on age
The government subsidy is the difference between the total monthly installment and the 25% - 30% of the beneficiary's income percentage based on age
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 a land plot, a land plot and constructing it, construction or 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.
No ceiling for the Property Price is required.
In the case of purchasing land plot, there is no ceiling on the plot area and price, and there is no restriction on the construction period.
