Within the framework of the executive plan under the directives of His Majesty King Hamad bin Isa Al Khalifa, the Great King of the country, may God protect and preserve him, to accelerate the pace of housing projects to provide 50,000 new housing units, Her Excellency Mrs. Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning, announced during the opening of the Innovation Conference in the Social Housing Sector About launching 4 new housing programs with the aim of increasing the pace of implementation of housing projects in partnership with the private sector Contributing to diversifying and increasing the real estate stock in the Kingdom so that citizens benefiting from the housing financing program can obtain various options for obtaining appropriate housing.
This came during the press conference held on the sidelines of the opening of the Innovation Conference and Exhibition in the Social Housing Sector, organized by the Ministry of Housing and Urban Planning and the Housing Bank, under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, may God protect him, during the period from 23 to April 25, in the presence of a number of officials and media.
The Minister explained that the new programs that were announced during the opening session of the conference include the “Ambition” program, the “Off-Plan Sale” program for beneficiaries of government land development rights program projects, and the “Private Land Development Rights” program, in addition to the launch of the second version of the “platform.Betty” Real Estate, which comes with additional features and features.
During the press conference, Minister Al Rumaihi reviewed the details of the new housing programs, noting that the mechanism of the "Tamouh" program is based on giving citizens who benefit from "Tasheel" and "Tasheel +" financing to purchase a residential apartment, an additional option of obtaining an additional financing amount from the program options."Tasheel" worth 20 thousand Bahraini dinars, 10 years after the date of benefiting from the main financing to purchase the apartment This is if the beneficiaries wish to sell the residential apartment and obtain another property that suits their needs.
The Minister stated that this program comes with the aim of encouraging citizens to purchase ownership apartments from projects provided by the private sector through the "Tasheel" program options, while ensuring the provision of privileges that allow them the possibility of future expansion in purchasing a larger property by increasing their financing capacity ten years after the due date.The main financing for purchasing the apartment, adding that the Ministry is in the process of completing the necessary procedures for the official launch of this program The criteria and provisions for accepting applications to benefit from it will be announced after their approval during the coming period.
In a related context, the Minister of Housing and Urban Planning said that the Ministry launched the "off-plan sale" project within the "Government Land Development Rights" program, in a step that is considered a precedent at the level of housing projects that are provided for the benefit of citizens, noting that this program stipulates the possibility of Real estate development companies sell project units that are implemented immediately after the completion of the project bidding award procedures and the completion of contractual and technical matters Reservations are opened by the implementing company, which contributes to allowing citizens to purchase units directly before the construction work is finally completed.
The Minister stated that this program benefits the citizen and the real estate developer at the same time.At the citizen level, he will be able to choose the location of his residential unit in the implemented project early, and thus allocate housing financing to him proactively as soon as the unit is reserved in the project, in addition to being informed of the components of his residential unit’s facilities.
As for real estate developers, the program provides great flexibility in providing financing liquidity for the establishment of project units, as well as starting early to market the project units, which provides them with sufficient guarantees to sell the units before the completion of construction work on the project.
The Minister pointed out that the "Al-Naseem Neighborhood" project in the city of Salman in the Northern Governorate, and the "Al-Wadi" project in the Al-Buhair region, whose units were announced at the Innovation Exhibition in the Social Housing Sector, represent the first projects of the "Off-Plan Sale" program, as the units of the two projects were offered for reservation.And allocation by citizens benefiting from the housing financing program options, by choosing the appropriate housing unit by booking on the project map Citizens can benefit from the units of these projects by visiting the exhibition.
In a related context, the Minister of Housing and Urban Planning announced that the Ministry had signed a memorandum of understanding with the Chinese "Naseej" and "CMEC" companies, the "Rital" company, the "Muayyad" company, and the Malaysian "WCT Berhad" company, to implement approximately 3,000 housing units in Khalifa City.It is the largest project within the government land development rights program projects since its launch.
The Minister said that this memorandum comes as a proactive step with the companies nominated to apply to purchase bids for the implementation of the Khalifa City project, which is scheduled to be presented during the next phase, and includes the implementation of approximately 3,000 residential units and apartments, in addition to infrastructure services, on areas of up to one million and 600 thousand square meters in the project It is useful that this project is one of the strategic projects through which the Ministry seeks to meet a large number of housing requests for those wishing to benefit from financing options.
The Minister confirmed that the projects included in the course of the government land development rights program are witnessing continuous progress in terms of submitting bids and contracting with real estate companies for implementation, in light of the great demand by real estate development companies to participate in the program, which encourages the Ministry to continue efforts to implement more projects during The next stage, considering that this path represents one of the options for the sustainability of the social housing sector in the Kingdom, in addition to the housing financing program.
At the level of the "Private Land Development Rights" program, Her Excellency explained that this program aims to support real estate companies in the Kingdom to increase real estate projects at prices commensurate with the value of housing financing obtained by citizens, as the program mechanism is based on enabling real estate development companies to build housing projects on their lands.In exchange for allocating it to those wishing to benefit from the options of the housing financing program, provided that government support is provided for the procedures of real estate companies As well as managing the project and helping to market it to beneficiaries of housing financing.
The Minister indicated that this program represents a new qualitative leap in the process of partnership between the government and private sectors to provide housing services to citizens, as the program establishes a new phase of providing government support to private sector companies to provide projects directed to the social housing sector at prices that suit housing financing for citizens, and the program will contribute to achieving Optimal utilization of private sector resources to support the process of providing housing services to citizens, thus achieving the goal of increasing real estate inventory.
Regarding the launch of the second version of the "Bayti" real estate platform, the Minister stated that the Housing Bank has worked since the launch of the first phase of the platform at the Housing Finance Exhibition last year to add more features and electronic features to the platform, with the aim of expanding support for citizens to choose the appropriate type of financing from the financing banks.And reserve their residential units from the projects offered on the electronic platform, in a way that saves them time and effort It facilitates their choice of suitable housing that suits their needs in terms of location and type.
The Minister reviewed the new features that were introduced on the "Bayti" platform, where she indicated that for the first time, the property reservation feature will be activated online via an application, where the application visitor will be able to pay the amount of the property reservation, sign the reservation contract, and receive the payment balance digitally through the application, and this will be activated.The feature is for the first time in the "Al-Buhair Housing Project", which is also offered on the application platform, noting that the Housing Bank cooperated in this aspect with the two companies "Benft" And "CrediMix" to activate this feature.
Regarding the second concession in the second phase of the platform, it includes linking the application with the "eKey 2.0" service, which was recently launched by the Information and e-Government Authority, allowing documentation and confirmation of the information of application users, with the aim of providing an integrated, qualitative digital experience for the citizen.
The "Bayti" platform also provides the "Interactive Financing Calculator" feature, which enables the citizen to develop his plan to finance the purchase of his housing service digitally, by calculating the value of financing and financing offers available by the financing banks participating in the platform.
On the other hand, Minister Amna Al Rumaihi announced that the Ministry has begun accepting applications to benefit from the "Tasheel+" program, which was announced by the Ministry last week, and provides a new package of financing options to obtain adequate housing, with a maximum financing value of up to 91 thousand Bahraini dinars.Noting that the Ministry and Housing Bank’s pavilion at the exhibition has witnessed a large turnout since the door was opened for citizens to visit the exhibition.
The Minister indicated that the Innovation Exhibition in the Social Housing Sector represents a favorable opportunity for citizens to learn about the advantages of "Tasheel +" financing, as well as the types of additional financing that the Ministry provides to citizens, and to begin identifying suitable properties for purchase by visiting the Ministry’s platform and the real estate companies present at the exhibition and learning about Projects of the Government Land Development Rights Program presented at the exhibition, which are "Al-Naseem District." Which is being implemented with the Dilmun Gate Company in Salman City, in addition to the "Al-Buhair" project implemented with Al-Saraya Company, in addition to the real estate projects provided by the real estate companies’ platforms, calling on citizens to visit the Ministry’s pavilion during the period extending from today until the evening of next Friday, April 25.This is to take advantage of the available options and offers.
The Ministry of Housing and Urban Planning had recently announced the launch of "Facilitation+" financing, with many privileges, including the possibility of purchasing a unit, apartment, or residential plot, in addition to providing the option to purchase and build a plot, and with a flexible payment mechanism divided into two options for the citizen to choose the most appropriate for him, and based on The value of the calculated installment plan, where the first path, which has a maximum financing value of 81 thousand, indicates the start of deducting 20% Only from the beneficiary’s income for a period of 5 years, and then the deduction rate rises to 25% after 5 years, reaching a maximum of 30% after 10 years from the date of the start of the deduction until the full payment of installments for a period of 30 years is completed.
As for the second track, which has a maximum financing of 91 thousand, it is similar to the first track, with different monthly installment deduction rates, as the deduction rate for installments for the first five years begins at 25%, rises to 30% after 5 years, and ends at 35% after 10 years.Until the rest of the installments are paid for 30 years, reiterating that choosing one of the two paths is due to the citizen’s desire Citizens will be provided with the full schedule for paying the monthly installments from the beginning of benefiting from the service until the rest of the installments are paid before funding amounts are disbursed to citizens.
Citizens whose monthly income ranges from 600 to 1,200 dinars can benefit from this financing option to obtain housing, and the financing value will be calculated based on the value of the beneficiary’s monthly income from the date of submitting the application.
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