Brief about
Mazaya Program
Mazaya program is one of the
initiatives introduced by the Ministry of Housing in cooperation with the
private sector that aims to provide social housings for citizens on the waiting
lists. The idea of the program is selecting the citizen that meet the criteria of
buying a unit through obtaining financing from one of the affiliated banks,
provided that the government provides financial support to the citizen, which
is represented in paying the difference between the value of the actual
installment for the amount of financing specified by the funded bank, and the
value of the monthly installment due to the citizen, which does not exceed 25%
of the citizen's salary as a maximum.
Features
1. The program allows
immediate purchase of housing units from the private sector without the need to
remain on the waiting lists for projects that the ministry is building.
2. Citizens are free to
choose their housing unit in terms of location, area or unit components,
through projects of real estate development companies approved by the ministry,
or other units that meet the technical specifications of the ministry.
Benefit
Standards
According to Article No. 42
of Ministerial Resolution No. 909 of 2015, the criteria for benefiting from the
Mazaya Program were defined as follows:
1. He must be of Bahraini
nationality.
2. To be the head of the
family.
3. The applicant's age,
during the application period and until the disbursement of the financing
amount, is not less than 21 years and no more than 35 years.
4. That the monthly income
during the application period and until the disbursement of the financing
amount be no less than BD 600 and not more than BD 1200.
5. That the applicant or a
member of his family did not previously benefit from any housing service for
the purpose of ownership, whether from the government or any other party.
6. That the applicant or a
member of his family is a permanent resident of the Kingdom of Bahrain.
7. That the applicant or one
of his family members does not own the property at the time of submitting the
application and up to 3 years prior to the date of submission, and the
exception is:
- Ownership of a property
whose area is less than 100 square meters.
The
wife's ownership of a property is acquired by inheritance.
Funding
mechanism
1- The program provides a
maximum funding amount of up to 90,000 Bahraini dinars.
2- He pays 10% of the
financing amount to the bank financed as a down payment.
3- The housing finance
amount will be paid up to 25 years.
4- The property value must
not exceed 120 thousand Bahraini dinars.
Required
documents for applicant
1- Salary certificate from
the employer.
2- Three months bank
statement.
3- A copy of the smart card.
4- The credit report
“Benefit”.
5- Documents clarifying all
the existing bank deductions for the applicant.
Steps to
apply for Mazaya program
1. Submit and accept the
application.
2. The applicant selects the
housing unit and the financing bank.
3. Obtaining initial
approval from the bank and pricing of the unit.
4. Obtaining a qualification
certificate from the Ministry of Housing.
5. Issue the allocation
decision for the housing unit.
6. Obtaining final approval
from the bank.
7. Issuing a finance
certificate.
8. Disbursement of the
financing amount from the financing bank.